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Health Savings Accounts (HSAs) are new, tax-favored consumer savings arrangements for individuals and families covered by high deductible health insurance plans (IRC Sec. 223). HSAs were created by the Medicare Prescription Drug and Modernization Act of 2003, and became available January 1, 2004.
HSAs are essentially identical in concept to Archer Medical Savings Accounts (MSAs), allowing for tax-deductible contributions, and tax-free distributions of basis and earnings if distributed amounts are used for qualified medical expenses. Unlike the MSA program, however, there is no limit on the total number of HSAs that may be set up, participants need not be self-employed or employed by small employers to qualify for HSAs, and there is no sunset (termination) date for the HSA program.If you would like to enroll or learn more about Horicon Bank's HSA product, please contact your local office.