A health savings account (HSA) is a tax-advantaged account that is paired with a high deductible health plan (HDHP). This account is used to pay day-to-day medical expenses, while the high deductible plan pays for the costs of major medical events.
In order to contribute to an HSA, the account holder must set up an HSA as well as own a qualified HDHP.
HealthEquity and eHealthInsurance say they have simplified this process. By utilizing the eHealthInsurance link on the HealthEquity web page, prospective clients can search for the best-qualified HDHP in their area and sign up for a HealthEquity HSA at the same time.
According to the companies the service can save users hours of research and enrollment hassles.