HSA's (Health Savings Accounts)
&
HSA-Eligible High Deductable Health Plans
Individual & Family
Note- Individual-Family Insurance-Linked from front page & link from Services Diagram- 1) Health Insurance tab…and 2) all HSA tabs (under Individual-Family)
Health Savings Accounts were created to offer individuals a tax-advantaged way to accumulate savings for medical expenses. HSA’s are not for everyone, yet for self-employed individuals and their families, HSA’s represent a breakthrough strategy that can lower healthcare costs and increase retirement savings for future health care needs.
If you already have a high deductible on your health insurance policy you are positioned to gain the most benefit from this new program. For those with no insurance policy at all, a low-cost high-deductible plan that qualifies for a Health Savings Account is a good starting point.
It’s important to understand that the money placed into an HSA is tax deductible and tax deferred if used for qualified medical care expenses. Equally as important, money not spent from the account rolls over each year accumulating interest, even beyond the age of 65.
Dollars put into an HSA account can be used for medical expenses not usually covered under a standard health insurance policy. Expenses like contact lenses, chiropractic care, physical therapy and others, can qualify and be paid for out of your Health Savings Account.
Because the HSA is combined with a high-deductible (HD) health insurance plan, the individual will use dollars in their HSA to satisfy their deductible, then, rely on their health plan for further coverage. HSA’s don't replace traditional health insurance policies. They were designed to supplement a health plan and can only be used with a high-deductible health insurance policy.
For more information on Individual Health Savings Accounts click here to contact us or call 816.222.0332
