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What is a health savings account (HSA)?

An HSA, or health savings account, is specifically designed for individuals with high-deductible health plans (HDHP), an option offered by Obama Care Quotes at the Bronze level. When enrolling in these plans, individuals have the opportunity to contribute funds to their HSA without incurring federal income tax at the time of deposit. Importantly, any unspent funds within the HSA roll over to the following year, ensuring they are not forfeited.

Funds within an HSA can be utilized to cover various medical and dental services, although they cannot be applied to your monthly premium expenses. It is advisable to consult with a financial advisor to gain further insights and personalized recommendations. Additionally, it’s worth noting that many financial institutions offering HSA plans may charge a monthly fee. HSAs represent an excellent choice for a wide range of individuals seeking to manage their healthcare expenses effectively.

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