What are the benefits of an HSA?
High Deductible Health Plan:
- Can cost less than other health plans.
- Provides quality health insurance.
- One calendar-year deductible per family.
- Can pay 100% of covered expenses after deductible is met.
- Used to meet your deductible.
- Tax deductible off of gross income.
- Grow tax-deferred.
- NEVER taxed when used for qualified medical expenses.
- Roll over year after year -- no "use it or lose it".
- Portable, go with you wherever you go.
HSA Savings can also be used for:
- Health insurance premiums when you're between jobs.
- Qualified long-term care premiums.
- Medicare premiums and out-of-pocket expenses
- Living expenses after age 65 (pay ordinary income taxes).