Health Savings Accounts
Created by President Bush on December 8, 2003, health savings accounts
were designed to help individuals save for future qualified medical
and health expenses on a tax-free basis. These plans are high deductible
health plans that generally do not cover first dollar medical expenses.
Some
advantages of HSA’s are:
- Security – typically 100% coverage
after deductible is met
- Affordable – higher deductible equals
lower premium
- Tax Savings – contributions can be tax deductible
- Ownership – no “use
it or lose it.” The money stays
in your account, year after year
- Savings – Save money in the account
for future needs
HSA’s
can be an affordable way to insure you or your family and provide yourself
with 3 tax savings.
- Tax deductible when you contribute to your account
- Tax-free earnings
through investments
- Tax-free withdrawals for qualified medical expenses
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