Benefits of a Health Savings Account

Ever wonder what the benefits of a Health Savings Account are? Put your mind at ease, you’ve come to the right section of the newsletter!

What is a Health Savings Account (HSA)?

An HSA is an account that you can put money into to save for future medical expenses. You control the money you put into this account by deciding to how to spend it on your own health care needs. Whatever you decide not to spend if yours forever.

What are the benefits to an HSA?

There are plenty of advantages to putting money into an HSA, including financial security, tax savings, ownership over your money and long-term savings.

• Building Financial Security
  By choosing a low-premium high-deductible health plan (HDHP) you pay yourself instead of a health insurer. Put the premium difference into your HSA and begin building financial security.
   
• Tax Savings
  Through an HSA, you can deduct your contributions on your tax return, earn tax-free interest and your withdrawals are tax-free when used for qualified medical expenses.
   
• Ownership
  An HSA allows you to own your money in the account. It’s yours and becomes a financial asset you can use for retirement or even pass along to loved ones. The money stays with you even if you switch jobs, change medical coverage, move to another state or become unemployed.
   
• Long-Term Savings
  Funds left to accumulate in an HSA, including interest, grow tax-free. Withdrawals for eligible medical expenses are never taxed.