Stay healthy, and well ahead of the curve
It’s hard to make any predictions about the cost of health care these days. You can, however, count on a Health Savings Account (HSA) to make them easier to manage, with the real possibility of some tax advantages to boot.
You can use money from your HSA tax-free if it’s used to pay for qualified medical expenses as defined by federal tax law. This includes most medical, dental and vision care for you and for your dependents.
To be eligible for a HSA, you must be covered by a High Deductible Health Plan (HDHP). A HDHP is considered HSA-compatible if it satisfies annual deductible and out-of-pocket expense limits. Check with your health insurance provider to see if your plan qualifies.
If you qualify, a HSA provides several benefits:
- Your savings earn interest
- You can pay current expenses or save for future needs
- Contributions are generally tax deductible
- Earnings are tax deferred
- You pay no taxes on money used for qualifying expenses
- Your balance carries forward, year-to-year
- Your HSA is portable and stays with you, regardless of changes in coverage or employment
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