What is a health savings account (HSA)?
HSA stands for health savings account. It's offered to people who have high-deductible health plans (HDHP). Covered California offers these plans at the Bronze level. People who choose to enroll in one can add funds to their HSA that aren't subject to federal income tax when they're deposited. These funds roll over to the next year if they aren't spent.
Money you put into an HSA can be used to pay for medical and dental services but not your monthly premium. Consult your financial advisor for more information and recommendations. Please note, most financial institutions that offer HSA plans charge a monthly fee. HSAs are a great option for many people.
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