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 2018, the minimum annual deductible of a qualified HSA plan for an individual is $1,350 and $2,700 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 co-payments you have 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.