What is a health savings account (HSA)?
Who should buy an HSA?
- People who are interested in tax deductions.
- People who don't anticipate large health care expenses from year to year.
- Those who are interested in supplementing thier retirement benefits.
Who should not buy an HSA?
- Anyone who has an ongoing health condition.
- People who have high prescription drug costs.
- Those who utilize thier health plan often.
- Someone who is under the age of 65.
- Someone who does not have other medical coverage.
- Someone who is not claimed as a dependent on someone else's tax return.
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Health Savings Accounts and High Deductible Health Plans
Utah High Deductible Health Plans & Health Savings Accounts
for Utah individuals, families, and businesses
- Over ten years in business
- The #1 Utah health savings account resource online
- We specialize in qualified high deductible health plans to be used with HSA's
- Tax deductible contributions to your health savings account.
- Capital gains and interest in the health savings account accumulate income tax free.
- There are no limits to the amount that may accumulate in the HSA.
- Health savings account balances can be used to supplement retirement income after age 65.
How does it work?
The basic idea of a using a health savings account with a qualified high deductible health plan is to:
- Lower your monthly health insurance premiums (the amount you pay each month).
- Pay for your medical, dental, & vision expenses with tax free money.
To take advantage of this solution, you must:
- Have no other major medical coverage.
10 Common Medical Expenses You Can Pay for
with Pre-Tax Money From Your Health Savings Account (HSA)