Health Savings Accounts

Health Savings Account (HSA) Plans are an excellent choice for individuals and families who want to control their health insurance costs by combining a lower cost, high deductible insurance plan with a tax advantage savings account and network discounts.

HSAs offer quality coverage and savings. HSAs have two components: a lower cost, high deductible health insurance plan to provide coverage for your larger medical expenses, and a tax-favored savings account.

The idea is really simple. The money you save on premiums can be put into your tax-favored savings account, and then withdrawn to help pay your deductible or pay for other qualified medical expenses.

You own your savings account. You make the decisions on how and when to spend the money.

Your unspent health care savings roll over year after year. In other words, you won’t lose what you don’t spend in any given year.

And if used for medical care now or after retirement, the money in your savings account will never be taxed.

Plus, credit interest on the money in your savings account.

Lower premiums, tax-deferred savings, network discounts, and an attractive interest rate. Now it all adds up. The money you save from reduced premiums can be put into your Health Savings account -- tax-deferred.

On top of that, you’ll earn annual interest on your savings, beginning with the first dollar deposited.

Your health savings grow tax-deferred, and can be withdrawn tax-free to help pay your deductible or to pay for other qualified medical expenses like prescriptions, vision, or dental care.

What you don’t use will continue to accumulate year after year. Then, if you ever need it for medical expenses, the money will be there.

That’s good planning and extra peace of mind when You need it most. And you’re in control.

“HSAs will help more Americans get the healthcare they need at the price they can afford.”