HSA stands for Health Saving Account and normally opened at a financial institution. In simple you can think of HSA as medical IRA.
An HSA is an account that accumulates funds to cover your health care expenses. It comes with a high-deductible health plan that protects you from large health care expenses.
HSAs offer you the following advantages:

• Premium Reduction.
  By enrolling in an HSA compatible CDHP you and your employer on an average see 30% premium savings as compared to a traditional non HSA plan.
• Tax Savings.
  You and / or your employer can contribute pre-tax dollars to the HSA. Interest accumulates tax-free and funds are tax-free to withdraw for medical expenses.
• Reduce your out-of-pocket costs.
  You can use the money in your HSA to pay for eligible medical expenses and prescriptions. The HSA funds you use can help you satisfy your plan’s annual deductible.
• Invest the funds and take them with you.
  Unused account dollars are yours to keep even if you retire or leave the company. Additionally, you can invest your HSA funds, so your available health care dollars can grow over time.
• The benefits of preventive care,
  without the cost. Receive 100% coverage for nationally recommended preventive care, with no deduction from your HSA or out-of-pocket costs for you when you see an in-network provider.
• The opportunity for long-term savings.
  Save unused HSA funds from year to year – money you can use to reduce future out-of-pocket health expenses. You can even save HSA dollars to use after you retire.

There are many more advantages of being on an HSA compatible medical plan. To learn more about HSA and CDHP please fill this simple form and we will be happy to help you.