A Health Savings Account is a financial account that provides tax savings when combined with a qualified high deductible health plan (sometimes referred to as catastrophic health insurance)
HSA Highlights
- Drastically lower health insurance premiums (read an example)
- Tax deductible contributions to your health savings account
- Non taxable withdrawls from your health savings account for qualified health expenses
- Capital gains and interest in the health savings account accumulate income tax free
- There are no limits to the amount that may be accumulate in the HSA
- The health savings account can be used to supplement retirement income after age 65
- Health savings account funds can be used to pay for maternity expenses
Who should buy an HSA?
- Those who occasionally use thier health insurance benefits
- People who are interested in tax deductions
- Anyone who wants lower health insurance premiums
- People who don't anticipate large health care expenses
- 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
Who is eligible for a Health Savings Account?
- 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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