How does an HSA work?When an HSA is used together with an HDHP, health-care expense dollars are split between health insurance and the HSA. The employee or individual uses a debit card to access funds in the savings account and at the end of the year; any money that hasn't been used can remain in the HSA for the following year's medical expenses. The HSA can be likened to a 401(k) plan that is available for medical expenses. With traditional insurance plans, health-care expense dollars go entirely to health insurance premiums and out-of-pocket expenses leaving no opportunity for building equity.
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* Requires an application that goes through an underwriting process, which could be declined. Do not cancel any existing health coverage until you are certain of acceptance and approval.
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