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Health Savings Accounts

A Health Care Plan Combining Cost Savings with Flexibility

Opening your HSA. 

  • To open an HSA, you must select a high-deductible health plan.  The major advantage of a high-deductible plan is Lower premiums!
  • Use pre-tax dollars to pay future medical expenses.
  • You will be able to deduct your contributions to your HSA, and the account earnings will accumulate on a tax-deferred basis. Best of all, distributions from your HSA are tax-free if they are used for qualified medical expenses.
  • Contributing to your HSA.
  • You must enroll in a high-deductible health plan before you can make HSA contributions.  Your employer’s contributions to your HSA are tax-free, and you can deduct your own contributions to your HSA on your income tax return.

Account balance is carried over.

  • Unlike contributions to a flexible spending account, the balance of your HSA at the end of the year is carried over to the next year. So you’re not placed in a position of having to “use it or Lose it” each year.
  • Protection from catastrophic medical costs.
  • The high-deductible health plan provides you with protection from catastrophic medical costs, and the HSA provides you with a source of funds to pay some or all of the costs not covered by the health plan.
  • Control and flexibility.
  • An HSA enables you to take control of your health care decisions. And since you are the owner of your HSA, it doesn’t matter what your job status is or whether your employer makes contributions to your plan.

Health Savings Account Benefits

Your HSA will always follow you. 

  • Protection - You will have an opportunity to save money to pay high or unexpected medical bills.
  • Affordability - High health insurance policy deductibles mean Lower premiums.
  • Savings - Your ability to deduct your contributions and the tax deferral of account earnings enable you to build your account.
  • Flexibility - You can contribute at any time during the year, a rid your HSA balance rolls over from year to year.
  • Portability - You own the account, so it goes where you go, regardless of any job changes.