Health Savings Accounts (HSA)

Save on Premiums.....Reduce Taxes.....Build tax-favored Savings

A Health Savings Account (HSA) is a smart alternative to conventional health coverage. The HSA provides a vehicle for tax-advantaged savings and a high deductible health plan provides you with medical coverage, while saving you premium!

Invest in your HSA, and your contributions are tax-deductible. Withdraw the funds and accumulated interest to pay for qualified medical expenses (which include eyeglasses, braces and long term care insurance premiums) and the withdrawals are tax-free.

An HSA gives you:

• Greater control over your health care dollars. You withdraw your funds when you need them.
  
• Funds for a broader range of health care. Use them to pay for:
  
  • Covered expenses that apply toward your deductible.
    
  • Qualified medical expenses that your health plan doesn't cover including non-prescription drugs.
    
  • Long-term care insurance.
    
• Tax advantages on contributions, interest and qualified withdrawals.
  
• A retirement income supplement. At age 65, accumulated funds can be withdrawn for non-qualified expenses or medical expenses not covered by Medicare. Funds for non-qualified expenses are subject to income tax.