What is an HSA?
Unlike an FSA, an HSA requires that the insured be covered by a high-deductible health plan (HDHP). It also differs from an FSA because the account is individually owned. While most HSA participants enjoy the convenience of account contributions being deducted pre-tax from their paychecks, HSAs may also be funded by an employer or family member. The account owner can spend the funds on current eligible expenses or save them for future expenses. Because the account is owned by the individual, the participant is solely responsible for the substantiation of expenses and is not required to send receipts to their employer or administrator.
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