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5 HSA Definitions You Should Know
Health Savings Accounts (HSAs) are one of the best ways to save for retirement or future medical expenses. Many employees don’t fully understand HSAs, and that may be holding them back from signing up for one. To clear up the confusion, here are a few key HSA terms and what they mean.
- Contribution: Funds that are placed in your HSA, either by you or your employer.
- Distribution: The removal of funds for eligible expenses.
- High-Deductible Health Plan (HDHP): The type of health plan required in order to sign up for an HSA.
- Investment Threshold: The amount of funds required to be in your HSA before you can start investing them.
- Pre-tax: Before taxes. All HSA contributed are pre-tax, which saves you money.