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.
An HSA can be used only if you have a High Deductible Health Plan (HDHP) - generally any health plan with a deductible of at least $1,500 for an individual or $3,000 for a family. When you view plans offered by Virginia's Insurance Marketplace, you can see if they're "HSA-eligible."