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WASHINGTON – The Department of the Treasury released a new guide that explains health savings accounts. The comprehensive guide illustrates what HSAs are, who can have an HSA, the advantages of HSAs and many other important details. It begins by defining HSAs and discussing what qualifying factors enable an individual to open and contribute to an HSA, for instance, being in a high-deductible health plan and having no other first-dollar medical coverage. Then it discusses how to find an HDHP policy and explains how much an individual can contribute to the HSA (see Chart). Along with information on finding a financial institution to open the HSA with, the pamphlet describes how to use the HSA and lists advantages of HSAs. For example, HSAs protect against high or unexpected medical bills, the money can be used for current medical expenses or saved for future medical expenses, the account can grow through investment earnings, there are no “use it or lose it” rules for HSAs, and much more. For more information on HSAs please visit www.treas.gov and click on “Health Savings Accounts.”

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