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What is an HSA?
A Health Savings Account (HSA) helps you save money on health care. They also save money for most employers, while giving workers healthcare protection. By making you a part of the medical services decision process, HSAs are designed to help you manage medical expenses and reduce the continuing raising of health care expenses. Equally as important, the money you save remains part of your retirement account, even if you leave your present employer. In short, if you don’t use all the money in your HSA for medical expenses, it can accumulate as tax-free savings for your retirement. One final benefit, HSAs can pay for many more procedures than were ever allowed before by government sponsored programs. \Health Savings Accounts help you save money on unavoidable expenses and build investment savings for your retirement.
What’s In It for You?
An HSA is:
How Do HSAs Work?
Dollars put into a health savings account can be withdrawn instantly for qualified medical expenses as needed; any dollars remaining can be saved for spending in future years, or invested to accumulate savings for health needs after retirement.
How Does an HSA Coordinate with Your Health Insurance?
HSAs don’t replace a normal or typical health insurance policy. They are designed as a supplement to a high-deductible health insurance policy. Because the HSA is tied to a high-deductible health insurance policy, you will “pay as you go” for medical care, using your tax-free HSA dollars, until you spend up to the deductible. Once you meet the deductible, the health insurance pays for most of your medical expenses for the rest of the year. You may choose your own doctor and level of care. By themselves, HSAs are savings vehicles — not insurance policies — so they don’t restrict your access to coverage or your choice of providers.
The HSA program has two parts: a high-deductible health plan (which usually costs less than other health plans) and a tax-advantaged, portable savings account for payment of current medical expenses which builds like a Medical IRA.
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