How does a health savings account work?

Health Savings Accounts – HSA

A Health Savings Account (HSA) is a personal solution in affordable healthcare – a dedicated bank account that belongs entirely to you. You and/or your employer contribute to your Health Savings Account (HSA) to save money for future medical expenses. All contributions to a Health Savings Account (HSA) are tax exempt; as long as funds are used to pay for medical expenses, you never pay FICA, Federal, state, or local taxes on this money. All annual contributions reduce your taxable income.

Your Health Savings Account (HSA) isn’t tied to any specific health plan – freeing you to shop for the best personal coverage at the best price. And better still, any unused money in your Health Savings Account (HSA) rolls over from year to year, rewarding you for years of good health. This rollover lets you better budget for your health expenses and build your savings to cover medical expenses when the need arises. This money can even earn interest, growing with you towards retirement! Finally, it’s all up to you.

Reimbursable expenses include but not limited to::

• Co-Pays
• Deductibles
• Prescription Drugs
• Expenses not covered by insurance
• Dental services and orthodontics
• Eyeglasses
• Contacts and solution
• Eye surgery
• Some Over the Counter Drugs & Supplies
• Long Term Care Premiums

See the doctor of your choice, amount of responsibility subject to in and out of network deductible and coinsurance. Control the cost of your insurance premiums. Save unused money for future expenses. Earn interest towards medical costs even into retirement. Keep your account, wherever you go. Your HSA lets you do all these things!