One way to manage your health care expenses is by enrolling in a High Deductible Health Plan (HDHP) in combination with opening a Health Savings Account (HSA). A Health Savings Account, or HSA, is a unique, tax-advantaged account that can be used to pay for current or future healthcare expenses. When combined with a high-deductible health plan, it offers savings and tax advantages that a traditional health plan can't duplicate. With an HSA, members will have:
A tax-advantaged savings account: that they can use to pay for eligible medical expenses as well as deductibles, co-insurance, prescriptions, vision expenses, and dental care.
Unused funds that will roll over year to year. There's no "use it or lose it" penalty.
Additional retirement savings. After age 65, funds can be withdrawn for any purpose without penalty, but may be subject to income tax if not used for IRS-qualified medical expenses.
You can use your HSA to pay for the qualified medical expenses of anyone you claim on your taxes, even if you're only enrolled with single coverage. This is a great way to plan for unexpected medical expenses for the whole family.
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(605) 331-2100 4310 South Technology Dr | Sioux Falls, SD
Graber & Associates provides guidance in health and group insurance, Medicare, long-term care, life insurance, annuities, and other specialty insurance coverage.
Graber & Associates partners with more than 500 agents and serves the 5-state region.