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Health Savings Accounts (HSA)
HSA's are the latest
news in affordable healthcare for individuals and companies.
HSA offer a way to set aside funds to pay for today's and tomorrow's medical
expenses - including hospital care, routine medical exams, eye glasses, hearing
aids, prescription medication, dental work, long-term care insurance premiums
and more. See what else is
covered. |
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See HSA benefits compared to
Traditional Major Medical |
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Why do HSA spell affordable health care?
Because your qualified deposits (like
IRAs) reduce your taxable income and
qualified withdrawals (your
medical expenses) are never taxed. Plus, all of the money grows tax-deferred
until age 65, when funds can be withdrawn for non-medical purposes (ordinary
income tax applies), or tax-free when used for medical care. |
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See what is covered
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What is a Health Savings Account plan? A HSA plan, simply put, is a high deductible
medical policy and a qualified savings account. The objective is to take the
premium you save from choosing a high deductible and place it in a savings account for future
use. |
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Can I use any insurance policy or bank account ? No, both the policy and account must be qualified
by the IRS in order to be tax deductible.
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Who controls the money in the account? The individual account owner controls all money in
the account.
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How much can be deposited tax free? The annual limit is 100% of the individual
or family deductible. But there are no minimums and
you can adjust the amount you deposit at any time. |
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Who actually makes these deposits? For group plans employers typically make the
deposits into your account. Usually the employer pays most of this. Whereas
individuals always make their own deposits. Either way the full amount is
deductible from your income. |
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How often are deposits made? Most people deposit monthly but that is up to
you. |
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How do I access the money? Either by a debit card or by check. |
