Manage your medical bills with the help of a tax-advantaged Health Savings Account.
A Health Savings Account (HSA) offers an easy way to save for medical expenses–whether you need access to the funds next week or next year. The best part? An HSA may offer additional tax benefits for you too.
Rising healthcare costs remain out of our control, but an HSA offers a way to save for medical expenses. Unlike other accounts, HSAs offer:
- Flexibility: You can use the money in your HSA for payment towards qualifying health expenses, which includes medical, dental, and vision services.
- Tax benefits: HSAs can include three tax-saving benefits starting with the tax deductions when you contribute to your account, the tax-free earnings on your account, and the tax-free withdrawals when used for a qualifying medical expense.
- Control: You keep your HSA account throughout your life, no matter if you change jobs, medical coverage, become unemployed, move, or change marital status.
Want to know if you are eligible for a Health Savings Account? You might quality if you are covered by a High Deductible Health Plan (HDHP), have health coverage, are not currently enrolled in Medicare and no one can claim you as a dependent on a tax return. Consult your tax advisor to verify eligibility.