Health Savings Accounts (HSA)
Health savings accounts or HSAs (also called medical savings accounts or MSAs) offer its members the opportunity to control how their health care dollars are spent with a tax advantaged savings account and medical insurance coverage that is comprehensive.
HSAs are much like IRAs because they combine high deductible health insurance with a tax advantaged savings account. The money that a member saves in his or her account assists in paying the deductible. Most accounts limit the member to contributing the amount of the deductible into the tax deferred account. This money is kept for medical expenses that qualify under the insurance plan.
The benefit of an HSA is that the member pays for this deductible with pre-tax dollars. This means that a member saves the money that ordinarily would have gone to pay taxes which effectually decreases the cost of the deductible.
When the member has paid off the deductible, the insurance provider begins to pay. The money in the savings account earns interest and is owned by the member who holds the account. HSAs allow members to save approximately 70% or more on the cost of their health insurance.
Request more information about health insurance >>
Review other Plan Options >>
