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NEW BILL HAS PASSED to make Health Care more Affordable.  IMPORTANT INFORMATION!

CLICK HERE TO LEARN ABOUT 2007 CHANGES!

Health Savings Account

To Open Your HSA Click Here  

How much can I contribute to my HSA?

Find up to date HSA info at www.ustreas.gov  

Features of a Resource HSA Account       

What is a Health Savings Account (HSA)?  

A Health Savings Account (HSA) is a tax exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses of the account beneficiary who, for the months for which contributions are made to a HSA, is covered under a high deductible health plan.

What are the benefits of a Health Savings Account?

• Contributions you make to your HSA can be deducted from your gross income on your federal tax return.
• The funds deposited into your HSA can grow with tax-deferred interest earnings. Every year the money not spent can stay in the account and earn interest tax free similar to that of an IRA.
• When you change from a low deductible to a High Deductible Health Insurance Plan (HDHP) your insurance premiums are usually lowered. These premium savings can be used to fund your HSA.
• If you change employers, your HSA funds go with you.
• Your interest bearing account grows tax-deferred and at age 65 you may make withdrawals from your HSA without a penalty.
• Funds from a Medical Savings Account (MSA) can be rolled over into an HSA account which has fewer restrictions and is much easier to use.

 

Who can contribute?

HSA contributions can come from employers, eligible individuals or both.

How does an HSA differ from a Cafeteria / Flexible Spending Plan?

With an HSA, the funds deposited can be rolled over year after year. The beneficiary of an HSA does not risk losing funds that are not disbursed within any given calendar year.

With a Health Savings Account YOU have complete control of your funds. YOU decide how much and when to make deposits to and withdrawals from your HSA. Call or stop by one of our offices today and start your own financial planning with contributions to an HSA that are tax-deferred and earn interest tax deferred.