What is an HSA?

Why are Health Savings Accounts such an exciting new option in Health Care?

Did you know...

Most consumers today, purchase a low deductible policy, with copays, and they have no idea how much health care really costs. This consumer,(unless self-employed), gets no tax deduction for their premiums paid. Employees, as well, have deductions taken from their paychecks and these dollars are also not deductible.

The trend today...

Today you shop diligently for the best price of furniture, cars, office supplies, etc. When was the last time you shopped for the best price of medicine, routine physicals, etc. Most likely never...why?, what
is different? It is still your money.

Why not carry that trend into your healthcare options...

A 'smart' shopper wants to know they are spending their dollars wisely. With an HSA you get that luxury. The account value in your HSA can be carried forward for years to come and these accumulated dollars are no longer mailed to some insurance company and lost for good. These dollars are your dollars and can even help fund your retirement needs after age 65.

How it works...

With an HSA, you can leave the large expenses to the insurance company and pay for Rx, routine office visits, etc. out of your HSA
account. You accomplish this by changing your health care policy to a no frills high deductible health policy and then take your premium savings and deposit it into your own, personal Health Savings Account.

Did you know...

All or a portion of your HSA payroll deductions or deposits are deductible for that year depending on the amounts deposited and the time of year these deposits are made. Monies in the HSA can be left in an interest account or can even be invested in mutual funds for more aggressive depositors. Any gains from this activity also are tax free if used for qualified expenses or used after age 65.

• Health Savings Accounts became available January 1, 2004
• Better tax treatment than IRA's?....Possibly
• Who is eligible? Both individuals and employer groups.
• Are HSA's like MSA's? No, much less restrictive and almost anyone is eligible for an HSA.

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