Locally Owned, Locally Operated

    Health Savings Accounts, or HSAs were created by Congress to combat rising medical costs by providing an incentive for more consumers to pay "first-dollar" medical expenses.  An HSA, like an Archer medical savings account (MSA), is an IRA-like account that is designed exclusively for covering medical expenses incurred by the HSA account beneficiary (the person who establishes the account) and his or her dependents.  However, there are some differences.

What are an HSA's benefits?

    HSAs can provide significant tax benefits to eligible individuals.  Not only can HSAs provide tax benefits related to paying qualified medical expenses, they may also provide benefits similar to many tax-favored retirement plans.