A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, co-payments, co-insurance, and some other expenses, you can lower your overall health care costs.
While you can use the funds in an HSA at any time to pay for qualified medical expenses, you may contribute to an HSA only if you have an HSA-eligible plan (sometimes called a High Deductible Health Plan (HDHP). When you view plans offered by Virginia's Insurance Marketplace, you can see if they're "HSA-eligible."