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Health Savings Account

With such a confusing insurance landscape, it’s hard to tell which plan is right for you. Our experienced team of agents will help you decide if you qualify for and would benefit from a Health Savings Account. Our expert advice is always free.

What is a Health Savings Account?

A Health Savings Account, commonly referred to as an HSA, is a medical savings account designed to help people with high-deductible insurance plans pay for out-of-pocket costs not covered by their insurance. Deposits in an HSA are not subject to taxes at the time of deposit and roll over to the next year. If a qualifying medical expense arises, money from an HSA can be used, regardless of how long it has been in the account.

HSA can also function similarly to a retirement account as policyholders can withdraw funds from the account after retirement age has been reached. If funds are withdrawn prior to retirement age, a penalty will be assessed.

Facts, Questions, and Answers about HSAs

What are the benefits of an HSA?

● Tax benefits on contributions, earnings, and distributions
● Funds used for approved medical expenses are always tax-free even if the High Deductible Health Plan coverage ends
● Account is portable so that if you leave an employer or Health Plan your account goes with you.
● It is a long-term investment opportunity
● H.S.A.’s encourage savings for future health care expenses.

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