Health Savings Accounts are employee-owned, tax-advantaged accounts used to pay for eligible medical expenses. Employees must be enrolled in a high deductible heath plan to open and contribute to an HSA. Employees may make contributions to their account pre-tax through payroll deduction or after tax (and request tax deduction at the end of the year). Employers may also choose to contribute to an employee’s HSA.
Funds in this account grow tax-deferred, building a nest egg for future medical expenses. As long as the funds are spent on qualified medical expenses IRS list of eligible medical and dental expenses the distributions are tax-free as well. In addition to using your HSA for your plan’s deductible, coinsurance and copays, you may also pay for Dental expenses, Vision expenses and Long Term Care and Medicare premiums.
Shevland Insurance Group offers free, comparative quotes on health savings accounts from multiple insurance carriers so you can get the best possible rate.
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