How To Choose an HSA

By Marcie Geffner -

A health savings account, or HSA, is exactly what the name implies: a financial account that can be used to save money for future medical expenses. These accounts, combined with a high-deductible health insurance plan, also offer certain income tax breaks that make them even more attractive.

But which health savings account offers the best deal?

The answer depends in part on how the account will be used, according to Liz Ryan, senior vice president of the health benefit services group at Wells Fargo in Minneapolis. Most people fund an HSA and then use the money to pay for recurring or occasional medical costs either immediately or over time. But some use an HSA to accumulate savings for anticipated medical costs far in the future.

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