A Health Savings Account is a personal savings account you can set up to help lower your overall medical costs. An HSA account allows you to set aside pre-tax dollars for covered medical expenses like deductibles, copayments, coinsurance, and some others depending on the plan. HSA funds can be used at any time for a covered expense and contributions can be deposited and withdrawn tax-free.
You can contribute to an HSA if you’re enrolled in certain high deductible health plans or HDHPs. HDHPs usually offer lower monthly premiums, but you must cover more of the health costs out-of-pocket before the insurance company covers their share.
You’re not eligible to contribute to a Health Savings Account if you’re covered by Medicare or by an insurance plan that pays its share of a covered service without you paying a copay or deductible first. Some HSA plans even let you use HSA funds for covered medical expenses for spouses or dependents and let you roll over unused savings to the following year. To find out more about Health Savings Accounts, call us today.
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