As of Jan. 1, Association of Washington Business (AWB) HealthChoice will offer three new HSA plans providing a lower-cost alternative to traditional health insurance products.

HSAs are tax-free savings accounts combined with a high deductible health plan allowing individuals to save for qualified medical expenses on a tax-free basis.

Both the employer and employee may contribute to the same account during the same calendar year, and contributions are allowed up to 100 percent of the health plan deductible. The HSA account is employee-owned and unused funds rollover from year to year, earning interest tax-free.

For more information, call AWB HealthChoice Account Manager Helen Siggins at (800) 681-7177.