A Health Savings Account (HSA) allows individuals covered by high deductible health plans (HDHP) to save for qualified medical expenses on a pre-tax basis for themselves, their spouse, and any tax dependents.
In order to receive the benefits of an HSA, the law requires that the savings account be combined with a qualified high deductible health insurance plan. In 2016 and 2017, the minimum annual deductible of a qualified HSA plan for an individual is $1,300 and 2,600 for a family.
You may use your HSA funds to pay for expenses under your HDHP that you incur before you have met your deductible, for coinsurance or copayments you woe after meeting your deductible, or for any other qualified medical expenses such as dental and vision. Funds remaining in your account at the end of the year roll over and accumulate for future qualified medical expenses.