Health Saving AccountsA Health Insurance AlternativeA Health Savings Account (HSA) is a new form of consumer directed health coverage pairing a high deductible health plan with a tax-free savings account. Designed to reduce health care insurance costs for employers and employees, the high deductible policy provides protection against major medical expenses - the HSA is used to pay for day-to-day medical expenses. This savings product offers individuals an alternative method of paying for their health care. HSAs enable individuals to pay for qualified medical expenses on a tax-favored basis. Contributions are tax-deductible and eligible distributions are tax-free. Individuals control the money in their HSA. Decisions on how to spend the money are made by the individual without relying on a third party or a health insurer. Funds not spend can carry forward to future years and be used penalty-free after age 65 for any purpose seen fit. Advantages of HSAs:Security - High deductible insurance in conjunction with a Health Savings Account protect against high or unexpected bills. Affordability - Lower health insurance premiums by switching to health insurance coverage with a higher deductible. Flexibility - Utilize funds to pay for current medical expenses, including expenses that an insurance policy may not cover, or save money in the account for future needs, such as:
Savings - Earn interest on money in an HSA for future medical expenses and grow your account year after year. There are no "use it or lose it" rules for HSAs. Control - Make all the decisions about how much to put into the account and how to spend the money. Portability - Accounts are completely portable. Keep an HSA in the event of any of the following:
Tax Savings - An HSA provide tax savings:
Are there any questions?This government regulated account is sure to raise a few question on how to use the account as well as who might be qualified members. Click Here to see a list of Frequently Asked Questions about our Health Savings Accounts.
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