The Health Savings Account (HSA) Solution

Lower Premiums + Tax Advantages = Greater Savings

With health care costs increasing year after year, many people responsible for buying their own health insurance
find that conventional plans with low deductibles and high premiums are impractical. But going without coverage
is unacceptable. An HSA program that offers premium savings and tax advantages may be the perfect solution.

The HSA solution combines a high deductible insurance plan with a tax-favored savings account.

• Selecting a higher deductible plan provides premium savings.
• Paying for medical expenses with pre-tax dollars from the account provides tax advantages.
• What you don’t spend on expenses you can save for retirement!

HSA Tax implications from IRS

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HSAs 

An HSA is a tax-favored savings account set up for you and your family. Tax-free deposits can be made to 

the account. Then you can use the funds to pay for current and future health care expenses or accumulate 

them to supplement retirement income. 

 

• The money deposited and the earnings on the deposits are tax-free. 
• Withdrawals to pay for qualified medical expenses are tax-free. 
• Unused balances roll over from year to year.   
• At age 65, withdrawals for non-medical expenses are penalty-free but taxed based at current (typically lower) income levels.

Conventional Insurance vs. HighDeductible Plan with HSA The money you save on premiums with a high deductible  plan can be put into your tax-sheltered HSA to grow  tax-free year after year. You own the HSA funds and  choose how to spend them.

Medical Expenses Payable with HSA Dollars Following is a partial list of medical expenses which can be paid for with your tax-free HSA funds. For the complete list, see IRS Publication 502 at  http://www.irs.gov.  • Acupuncture  • Alcoholism treatment  • Artificial teeth  • Bandages  • Birthcontrol pills  • Breastreconstruction surgery  • Chiropractic treatment  • Contact lenses  • Crutches  • Dental treatment  • Diagnostic devices  • Drug addiction treatment  • Eyeglasses  • Fertility enhancement  • Hearing aids  • Long-term care insurance  • Medications  • Nursing home fees  • Psychiatric care  • Smoking cessation program  • Special education  • Sterilization  • Surgery  • Vision correction surgery  • Weight loss program