Health Saving Accounts

A Health Insurance Alternative

A 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:

• Health insurance or medical expenses if unemployed
• Medical expenses after retirement (before Medicare)
• Out-of-pocket expenses when covered by Medicare
• Long-term care expenses and insurance

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:

• Change jobs
• Change medical coverage
• Become unemployed
• Move to another state
• Change marital status

Tax Savings - An HSA provide tax savings:

• Contributions are tax deductible
• Earnings are tax deferred while in the HSA
• Distributions of contributions and earnings are tax free if used to pay for qualified medical expenses.

Online HSA Debit Card Activation

Activate your debit card quickly, safely and easily.

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.

Truth In Savings Disclosures