Definition of health savings account in English:
A savings account used in conjunction with a high-deductible health insurance policy that allows users to save money tax-free against medical expenses (abbreviation HSA).
- And starting this year, millions of Americans will be able to save money tax-free for their medical expenses, in a health savings account.
- In May, the House passed a bill that would let employees who participate in health care flexible spending accounts roll over up to $500 in unused funds each year or transfer the money to a health savings account.
- Then you can take the rest of that money, the money the employer has saved, and give it tax free to the employee, in a health savings account, for them to use to pay for the deductible.