Health Savings Account (HSA) plans can lower your premium, reduce
your income taxes, and allow you to save money for future medical
expenses tax-free. For these reasons, HSA plans have become
the most popular plans we offer.
they have become so popular:
HSA offers Lower Premiums - Because Health Savings Accounts are paired with a high deductible health insurance plan, the premium savings for an HSA can be up to 50% or more compared to a typical low deductible health insurance plan.
Contributions - Contributions to an HSA are
tax-deductible. Annual contribution maximum limits for 2013
are 3,100 for individuals and $6,250 for families.
IMPORTANT: You must have your HSA-qualified health insurance
in place before December 1 in order to qualify for a 2013 tax
medical expenses - Withdrawals are tax-free
and penalty-free when made for HSA qualified expenses, including your deductible, birth control pills, contact lenses and eyeglasses, chiropractors, dental treatment, fertility treatment, vasectomies, and even travel expenses incurred while seeking medical care.
growth - Unused funds grow in your account tax-deferred, and can be
withdrawn penalty-free at age 65. There are a variety of investment options,
including savings accounts, money market accounts, or a wide selection of mutual
For more information
on how HSA plans work, see our brief "How To" Guide to HSAs.
"A Health Savings
Account will slash your health insurance premiums, reduce your taxes, and make
all of your medical expenses - including dental, eyeglasses, and alternative care
- tax deductible. For most people this is the smartest and most economical way
to handle their health insurance needs."