HSAs - Health Savings Accounts
It’s All About Options
Whether you’re looking for individual coverage or trying to decide which type of plan to choose for your employees, Financial Strategies, Inc. can help you find a Health Insurance solution that meets the needs of everyone.
Health Savings Accounts (HSAs) are a modern tool for controlling the cost of Health Insurance. They are available to individuals who are insured under a “Qualified High-Deductible Health Insurance Plans”. Compatible policies allow individuals to set aside money into a savings account. Contributions to HSAs are tax-deductible funds from HSAs. They can be used over time for qualified medical expenses that may not be covered under their high-deductible plan. With a standard HAS, you can do the following.
Put money into your HSA (tax deductible)
Watch your money grow (tax deferred)
Take out money if needed for qualified medical expenses, including dental and vision (tax free)
Advantages of Health Savings Accounts (HSAs)
With a Health Savings Account, you get to control the amount of money that you wish to set aside for medical expenses. All deposits, growth, and withdrawals are all tax-free for your convenience, and most important, your money rolls over each year. Unlike flexible spending accounts, you don’t lose money when your policy renews. Whatever you put into your HAS keeps growing, tax-free for qualified medical expenses*.
Although there are limits to the amount of money which you can deposit to your Health Savings Account each year, as well as qualifications, it’s a great way to help you have a lower premium, supply you with medical coverage if necessary, and help you save for your future medical needs.
Contact an insurance specialist at Financial Strategies, Inc. today to learn more about how an HAS can benefit you.
*IRA “Qualified Medical Expenses”