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A Health Savings Account offers:
- Tax-deductible
Contributions to the HSA are 100% deductible (up to the legal limit) ę 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 isnęt 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 doesnęt have to process and pay claims for routine, low-dollar medical care.
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
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The premiums we quote will be the same if you were to purchase your Health Insurance directly from the Insurance Company. Health Insurance Premiums are determined by the Insurance Carrier and regulated at your State level. to discover how agents can
help you make the best insurance decisions.
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Copyright 2008 McKnight & McKnight Insurance Solutions