A Health Savings Account (HSA) is a tax-advantaged personal savings account that can be used to pay for medical, dental, vision, and other qualified expenses now or later in life. In order to contribute to an HSA you must be enrolled in a Qualified High Deductible Health Plan (QHDHP).

Contributions limits are set annually by the IRS. As funds grow you will have investment opportunities, making an HSA a great addition to any retirement portfolio.

• Most employers offer a payroll deduction through a Section 125 Cafeteria Plan, allowing employees to make contributions to their HSA on a pre-tax basis.

• Contributions can also be made to an HSA post-tax and recognize the same tax savings by claiming the deduction when filing your annual taxes.

• Eligible healthcare purchases can be made tax-free.

• Interest earned on an HSA is not considered taxable income when the funds are used for eligible medical expenses.