President Trump Wants To Expand Health Savings Accounts - How Do They Work?

Think of it as a 401(K) for Health Care
Kevin McKechnie, Executive Director of the ABA’s Health Savings Accounts Council

(Washington D.C., Wednesday, March 8, 2017) - In his recent speech to Congress, President Trump described one of his main plans in replacing the Affordable Care Act – expanding health savings accounts (HSA).

What exactly is an HSA? How do they work? Who is qualified? What about tax advantages?

An HSA is a tax-free savings account that’s paired with a high deductible health insurance plan to pay for routine medical expenses. Think of it as a 401(k) for health care.

Kevin McKechnie with ABA discusses:

  • How does an HSA work?
  • Do I qualify for an HSA?
  • 2017 HSA limits
  • HSA Tax Advantages
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