"Health Savings Accounts (HSAs) were created in 2003 so that individuals covered by high-deductible health plans could receive tax-preferred treatment of money saved for medical expenses. Generally, an adult who is covered by a high-deductible health plan (and has no other first-dollar coverage) may establish an HSA."
From The U.S. DEPARTMENT OF THE TREASURY
| Description | APR | APY |
|---|---|---|
| Health Savings Account | 0.15% | 0.15% |
| Description | Single | Family |
|---|---|---|
| Contribution | $3,550 | $7,100 |
| *Catch Up | $4,500 | $8,100 |
Taxes and penalties may be assessed by the IRS for withdrawal for non-medical purposes. Overdraft fees may be assessed when applicable.
