What Is an HSA Insurance?

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The acronym HSA, in the world of insurance, stands for "Health Savings Account." Learn about HSA insurance with help from a longtime insurance professional in this free video clip.

Part of the Video Series: Insurance FAQs
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Video Transcript

Hi, this is Tony Chimino. I'm the CEO of Assurance explaining to you today what is an HSA. An HSA is part of the medical insurance program and it's called a Health Savings Account. Now this kind of account is set up by an employee to fund for many of the medical insurance costs that they will have that are not provided by their medical insurance from their employer. An HSA is a great way for an employee to save money and fund ahead of time for the medical costs that they know that they're going to have throughout the year. One of the great features of an HSA account is if a person does not use the funds they put into the account, the account will simply roll over year after year and the person will build up a fund over time. Now eventually this fund can be used when the person is retired and has medical needs in their retirement that are not covered by insurance and if they build up a large enough fund in the account, they can actually invest it in things like mutual funds and other equity securities. The HSA platform or Health Savings Account is part of what many people call consumerism which means using funds that an employee has to make sound medical insurance decisions. This is Tony Chimino giving you a little bit of information about Health Savings Accounts.

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