HSA

Definition

HSA stands for health savings account, a tax-advantaged savings account paired with a high-deductible health plan. It offers a unique triple tax benefit: contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are tax-free. After age 65, you can withdraw funds for any purpose without penalty, though non-medical withdrawals are taxed as ordinary income, making it function like a supplemental retirement account.