Health savings accounts – a new resource available

Eligible individuals and employers can make tax deductible contributions to Health Savings Accounts (HSAs) that can be withdrawn tax-free to reimburse qualifying medical expenses. Balances remaining in the account at the end of the year can be carried over to the next year. [ Note: An account owner in good health can use an HSA to build up a substantial medical expense reserve fund while earning tax-free income along the way.] The Treasury Department and the Small Business Administration announced a new website, https://www.hsa.gov.sg/ , that explains the advantages of HSAs, provides comparisons to other health coverage options, and has other materials to help employers and others decide whether and how to enroll in HSA-eligible coverage.