Healthcare Spending On Your Terms.
Use Tax-Exempt Savings to Cover Medical Expenses.
Health Savings Accounts (HSAs) allow you to pay for qualified medical expenses, like premiums and out-of-pocket costs not covered by your health plan, and do it with pre-tax funds.
- HSAs can only be used in combination with a high-deductible health insurance policy
- HSA contributions are from pre-tax dollars and can be made by an employer, individual or employee and/or third party.
- HSAs are portable benefits, controlled and owned by individuals/employees.
- HSAs can “roll over” from year to year as accumulated tax free savings.
- HSA payouts for qualified medical expenses are tax-free.
- HSA interest and dividends are tax-free until retirement.
- HSAs encourage participants to become better healthcare consumers.
Two convenient funding options:
- Fund it in conjunction with a high-deductible health plan (HDHP) your company may offer.
- Fund it in conjunction with a high-deductible health plan (HDHP) you purchase on your own.
Either way, you own your HSA and you make your own decisions as to how you spend the money.
To learn which option is right for you, contact us and we’ll walk you through the process. Also, the convenience of paying a qualified medical expense with a check or debit card may be an available option. Get started now and begin building up savings that’s tax free to cover qualified medical expenses.
Who is best suited for an HSA Account?
Those who prefer or already have a high deductible on their health insurance policy are poised to get the most benefit from this new program.
For the self-employed and those who do not have any insurance policy at all, a low-cost, high-deductible plan that qualifies for an HSA is a good starting point.
Medical expenses are low for most of us. Seventy-three percent of the U.S. Population spends $500 or less on medical expenses per year, according to American Health Value; and most people will not spend all of their HSA funds in any given year. What is not spent is yours to keep and earn interest.
Funds not used for medical expenses may be rolled over each year and accumulate over a lifetime. Funds may be withdrawn without penalty, for any purpose, at age 65. And your HSA is portable.
Why wait? Get started building savings that grow tax-free.