You can use this tax-saving account now to help pay for eligible medical expenses For other important HSA rules, read the Important HSA Rules document. An HSA is a federally tax-exempt account designed to pay for certain healthcare costs. Eligible individuals can contribute annually to an HSA. If you can do so, you cannot also take the “above-the-line” deduction on your personal income taxes. Using your HSA. Does an HSA pay for the same things that.

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Health Savings Account HSA Tax Forms and Tax Reporting Explained!