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What is an Health Savings Account (HSA)?
A Health Savings Account (HSA) combines high deductible health insurance with a tax-favored savings account. Money in the savings account helps pay the deductible. Once the deductible is met, the insurance starts paying. Money left in the savings account earns interest and is yours to keep.
A Health Savings Account offers:
• Tax-deductible
Contributions to the HSA are 100% deductible (up to the legal limit) — just like an IRA.
• Tax-free
Withdrawals to pay qualified medical expenses, including dental and vision, are never taxed.
• Tax-deferred
Interest earnings accumulate tax-deferred, and if used to pay qualified medical expenses, are tax-free.
• HSA money is yours to keep
Unlike a Flexible Spending Account, unused money in your HSA isn’t forfeited at the end of the year; it continues to grow, tax-deferred.
Why High Deductible Health Insurance?
To get the benefits of an HSA, the law requires that the savings account be combined with high deductible health insurance. High deductible health insurance costs less than traditional $250 or $500 deductible coverage, because the insurance company doesn’t have to process and pay claims for routine, low-dollar medical care.
A health savings account (HSA) is a tax-favored savings account created for the purpose of paying medical expenses.
How Does an HSA Work?
An HSA works in conjunction with high deductible health insurance.
Your HSA money can be used to help pay the health insurance deductible and qualified medical expenses not covered by the health insurance, including dental and vision.
Any funds you withdraw for non-qualified medical expenses will be taxed at your income tax rate plus 10% tax penalty if you're under 65.
If you meet the deductible with covered expenses, the health insurance pays remaining covered expenses in accordance with the terms and conditions of your particular plan.
What are the benefits of an HSA?
High Deductible Health Plan:
• Costs less than more traditional copay plans
• Provides quality health insurance
HSA Savings:
• Used to meet your deductible
• Tax deductible off of gross income
• Grow tax deferred
• NEVER taxed when used for qualified medical expenses
• Roll over year after year -- no "use it or lose it"
• Portable, also goes with you
HSA Savings Can Also Be Use For:
• Health premiums when you're between jobs
• Qualified long-term care premiums
• Health premiums after age 65 (but NOT Medicare supplements)
• Living expenses -- after age 65 -- pay ordinary income taxes