A Health Savings Account (HSA) gives you an advantage in saving for future health care expenses. Authorized by federal legislation, HSAs have been called the "medical IRA" because they offer tax advantages on contributions, interest and qualified withdrawals.*
If you have a qualified high deductible medical plan such as the One Deductible Plan, you can use an HSA to get:
- Greater control over your health care dollars. You withdraw your funds when you need them. Withdrawals are tax free and penalty free when made for qualified expenses.
- Funds for a broader range of health care services.
- Pay for covered medical expenses that apply toward your deductible.
- Pay for qualified medical expenses that your health plan doesn't cover, such as:
- Contact lenses
- Dental and orthodontic services
- Certain types of alternative medicine
- Long-term care insurance
- Non-prescription drugs
Contact us to learn more about HSAs.