Health Savings Accounts (HSA)

Health Savings Accounts (HSA) Positives…Security – Having Insurance plan with high deductible and Health Savings Accounts (HSA)
will save you from large or unexpected medical bills.

Affordability – Once you have health insurance coverage with high deductible you should be qualified to lower your health insurance premiums.

Versatility – The underlying benefit to utilize the money in your account to help supplement ongoing medical expenses, this would take into account expenses that your insurance does not cover, or you could save the in money your Health Savings Account for needs down the line such as,

•Medicare (Medical costs that occur after retiring or Out-of-pocket costs when covered by Medicare)

• Unemployment – health insurance and medical costs if you lose a job

Savings – In this economy collecting reserves is more important than ever; in addition you can expand your account by earnings in your investment.

Command – Health Savings Accounts give you decision making power. Such as

• amount of money inserted into the account.

• pay ongoing medical costs or reserve the account for future costs.

• types of medical costs to pay from account

• The company that will maintain the account

• The decision to invest your money into the account

• Which investments you make

Convenient – Health Savings Accounts are very easy to move, you keep you HSA despite these scenarios:

• Job change

• Medical coverage change

• Unexpected unemployment

• Relocation from one state to another

• Marital Status updated

Ownership – Much like an IRA the funds that you have accumulated will stay in the account from year to year. You will not give up the funds if you do not utilize.

Tax Breaks – there are three ways to save on your taxes

• Tax deductions when you pitch in to your account.

• the earnings in your investment are Tax-free.

• when you extract funds for qualified medical expense this is tax-free.