A Health Savings Account (HSA) is a savings product that allows you to pay for current health expenses and save for future qualified medical expenses with certain tax benefits.*

Health Savings Accounts (HSAs) are available to individuals covered by a High Deductible Health Plan (HDHP). The deductible for 2009 must be at least $1,150 for an individual plan and at least $2,300 for a family plan.

Once you open a HSA, you may contribute up to the amount of your HDHP statutory limit, but no more than $3,000 for individual and $5,950 for family coverage per year. Your employer's contributions to your HSA are tax-free (if applicable), and you can deduct your own contributions to your HSA on your income tax return even if you do not itemize.*

Unlike contributions to a Flexible Spending Account (FSA), the balance of your HSA at the end of the year is carried over to the next year. You can withdraw money tax-free and penalty-free at any time for qualified medical expenses.**