Health Savings Account

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Health Savings Account to protect what matters most.

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As the cost of healthcare continues to rise, you need to explore options beyond the traditional health insurance plan. A health savings account can be a cost-effective way to enhance your healthcare while providing both immediate and long-term value.

A unique way to help pay for medical expenses.

A health savings account, or HSA, is a savings account where money can be set aside on a pre-tax basis to be used to pay for qualified out-of-pocket medical expenses. These medical expenses include things like deductibles, copayments, coinsurance, and more.

Setting up a health savings account (HSA) plan is easy.

Those who wish to have HSAs must have a Section 125 plan (also known as a cafeteria plan) in place. You must be enrolled in a high deductible health plan (HDHP) in order to make or receive contributions to the HSA. Contributions are transferred to a custodian, typically a bank, where they are held until withdrawn.

You decide how and when to use the funds.

Your contributions to an HSA are pre-tax. You can use the funds in the account for qualified medical expenses at any time. For example, as they incur medical expenses years down the road, they will not be taxed. After age 65 or in the event of a disability, the funds can be used for any expense without a tax penalty, though these withdrawals would be subject to income tax.

You can save for your future.

Health savings accounts are not only a tool that can be used in the present, they can be held for future expenses as well. Amounts held in an HSA will earn interest on a tax-free basis and they may also be invested. HSAs are an effective savings tool.

We can help you determine if a health savings account (HSA) is right for you. Contact us to learn more and discuss your options.

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