• Advantages of H.S.A.

    Security - Your high deductible insurance and HSA protect you against high or unexpected medical bills.

    Flexibility - you can use the funds in your account to pay for current medical expenses, including expenses that your insurance may not cover, or save the money in your account for future needs, such as: 

    * Health insurance or medical expenses if unemployed

    * Medical expenses after retirement (before Medicare)

    * Out-of-pocket expenses when cvoered by Medicare

    * Long-term care expenses and insurance

    Savings - You can save the money in your account for future medical expenses and grow your account through investment earnings.

    Control - You make all the decisions about:

    * How much money to put into the account

    * Whether to save the account for future expenses or pay current medical expenses

    * Which medical expenses to pay from the account

    * Whether to invest any of the money in the account

    * Which investments to make

    Portability - Accounts are completely portable, meaning employees can keep their HSA even if they:

    * Change jobs

    * Change medical coverage

    * Become unemployed

    * Move to another state

    * Change their marital status

    Ownership - Funds remain in the account from year to year, just like an IRA. There are no "use it or lose it" rules for HSAs.

    Tax Savings - An HSA provides you with triple tax savings:

    1. Tax deductions when you contribute to your account or pre-tax deductions via payroll:

    2. Tax-free earnings through investment; and,

    3. Tax-free withdrawals for qualified medical expenses. 

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