How to open a health savings account if you’re self

Timalyn Bowens for GoodRx

How to open a health savings account if you’re self-employed

Self-employed individuals, such as small-business owners and independent contractors, are always looking for ways to reduce their tax bill and better manage healthcare costs. One often overlooked option among many new entrepreneurs is a health savings account (HSA).

An HSA is a tax-advantaged account that lets you pay for qualified medical expenses, such as certain vision care and dental services , with tax-free dollars. Unlike a flexible spending account (FSA), which is sponsored and managed by an employer, you can set up and manage your own HSA, even if you are self-employed. GoodRx , a platform for medication savings, shares important considerations to keep in mind before opening an HSA o