Health savings account

A health savings account or HSA is a special type of bank account that helps you save money for doctor visits, medicine, and other health expenses.

Let's say you get a piggy bank to save up your allowance money. An HSA works in a similar way, but only for your health expenses. You can put money into your HSA all year long from your paycheck, and sometimes your employer will even give you money to add to it too!

When you need to use your HSA money, you can spend it on things like doctor's visits, medicine, and even things like glasses or contacts. Your HSA card works like a special credit card that lets you pay for health expenses right away.

One of the coolest things about an HSA is that you don't pay taxes on the money you put into it or the money you spend from it. That means more money in your pocket to save or spend on other things you want!

But be careful, if you spend money from your HSA that isn't for a health expense, you may have to pay a penalty. So, be sure to only use your HSA money for things that help keep you healthy!