Health Savings Accounts
Health Savings Accounts (HSA)
1. Tax Benefits
Health savings accounts allow you to set aside money (tax-free) to be used for medical expenses, including payments toward insurance deductibles, medications, and co payments.
Even better any interest earnings your HSA earns over time is tax-free, and if used to pay for qualifying expenses will remain tax-free.
2. Control Over Expenses
HSAs also allows you to control your medical finances, allowing you control over where your health care dollars are spent. This allows the participant to use the physician or provider of their choosing.
3. Variety Of Uses
Aside from routine medical care, HSAs can also be used to pay for health care expenses that health insurance plans may not cover. Examples include Dentists, vision care, and prescriptions.
4. The Funds Don’t Go Away
Unlike Flexible Spending Accounts, unused funds in the HSA rolls over year to year, tax-free. The contributions do not need to be used within a specific calendar year. Unused funds may even be used in retirement.
Call us today to speak with a specialist today to see how easy it is to set up an HSA qualified plan.