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Savings Accounts

How can consumers save for health-related services?

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Health Savings Accounts

Policy Definition: An HSA is a type of savings account that lets allows consumers to set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, overall health care costs to consumers may decrease. HSA funds generally may not be used to pay premiums and consumers can contribute to an HSA only if they have a qualifying HDHP. source

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Health Reimbursement Accounts

Policy Definition: Health Reimbursement Accounts (HRAs) are available for employers to reimburse employees for out-of-pocket health care costs and premiums. The money, which is paid to employees, much like the HSA, is tax-exempt. source

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Flexible Spending Accounts

Policy Definition: A Flexible Spending Account (also known as a flexible spending arrangement) is a special account you put money into that you use to pay for certain out-of-pocket health care costs. You don’t pay taxes on this money. This means you’ll save an amount equal to the taxes you would have paid on the money you set aside. source

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