|
|
A Health Savings Account is a tax advantaged savings account that offers a new approach for consumers to pay for their health care. They have been called the ”IRA for health care“ because they allow you to pay for current health expenses and save for future qualified medical expenses on a tax-free basis.
This account belongs solely to you, the member, and is portable and it is yours to keep regardless of change in employment. Health Savings Accounts offer the opportunity for the consumer to get involved and gain control back over their healthcare costs, savings and decisions, while offering long term growth on savings that are tax-advantaged
| |
You'll realize immediate savings on premiums with less expensive HSA qualified health plans, but you won’t have to sacrifice benefits. HSA's provide triple tax savings:
- Save money in your HSA tax-free.
- Earn interest tax-free.
- All qualified expenses are tax-free.
- Even the common cold becomes tax deductible!*
- You, your employer, a family member, or anyone else can make contributions to your account.
With your Health Savings Account you will find a new sense of financial security.
- You own your HSA, and the funds earn interest and grow tax-free.
- Build a Health Care ”Safety Net“ for unexpected costs.
- HSA funds supplement retirement income for medical expenses.
- HSA funds can be used to pay for COBRA or insurance premiums if you are unemployed.
You'll realize immediate savings on premiums with less expensive HSA qualified health plans, but you don’t have to sacrifice benefits.
| |
- The HSA belongs to you, and you determine how you spend your health care dollars.
- You will be able to purchase qualified medical services and products that may not be covered under your current health care plan, such as over the counter drugs or alternative medicines.
- Greater provider transparency with pricing will allow you to see the details behind your medical bills and make informed decisions about your care.
- By introducing consumerism back into our health care system, we are all becoming part of the solution.
| |
- Using your Health Plan provider network will maximize your savings, but you may use your HSA funds independently and select the medical provider of your choice, including alternative medicine.
- Portability - Your HSA is owned by you and goes with you even if you change employers or carriers.
- HSA funds do NOT have a "use it or lose it" limitation. They automatically roll over from year to year.
- When you've saved enough in your HSA, there are numerous investment options to help you maximize your earnings.
- It is similar to an IRA or 401k, such that these investments grow tax-free.
| |
(*Qualified over the counter medications & supplies)
|
|
