Yes, as there is a specific purpose for a Health Savings Accounts (HSAs). HSAs became available January 1, 2004, under the Medicare Prescription Drug bill. These accounts are similar to IRAs for tax purposes. The funds deposited into an HSA and the interest earned may be accumulated and distributed on a tax-free basis to pay or reimburse for qualified medical expenses. In order to own an HSA, you must be a participant in a high-deductible health plan. You may contribute up to $2,650 for single coverage and $5,250 for family coverage. A regular savings account does not have these tax benefits or ownership restrictions.
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Yes, as there is a specific purpose for a Health Savings Accounts (HSAs). HSAs became available January 1, 2004, under the Medicare Prescription Drug bill. These accounts are similar to 