An HSA is a savings account for future medical expenses that is also tax-advantaged. These accounts are for taxpayers in the United States who are enrolled in a high-deductible health plan and can be used like a personal savings account. Some advantages of a Health Savings Account are you get to decide how much money you want to set aside for medical expenses as well as how you spend this money. Some employers even contribute to HSAs.
Entities organized or operated to make a profit, such as corporations, partnerships, associations, business trusts, or other organizations may not maintain NOW accounts. Deposits of an individual used in the individual's business (including a sole proprietorship or an individual doing business under a trade name) may be maintained in a NOW account in the individual's name or in the DBA name.
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