Health Savings Accounts (HSAs) are a type of medical savings account that allows eligible individuals to make deductible contributions and withdraw tax-free disbursements for the payment of eligible medical expenses. Each year the IRS evaluates the limitation amounts on HSA deductions based for inflation.
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Taxpayers who have healthcare coverage under a High Deductible Health Plan (HDHP) may qualify for tax relief from the Internal Revenue Service.
HDHPs, health insurance plans with lower premiums and higher deductibles than a traditional health plan, are a requirement for having a health savings account.