Health Savings Accounts
For individuals and families

A Health Savings Account (HSA) is a portable savings account that allows you to set aside money for health care tax-free. You must have high deductible health plan (HDHP)that is compatible with an HSA (IRS Regulated) to open an HSA.  Different from other benefit products, an HSA rolls over from year to year (there is no “use it or lose it”), interest is paid, money can be invested in mutual funds, and it is owned by you, not your employer (If you have a Group Plan). Many refer to an HSA as a “medical IRA”.

Considering the high costs of health care today, an HSA offers a wide range of benefits to consumers:

Affordable Health Insurance
You pay less each month for high-deductible health insurance - Lower Premium

  • Triple Tax Advantages

Post-tax contributions to your HSA deductible same as an IRA, tax-deferred interest and investment gains on your HSA (taxed on withdrawal for non-medical expenses and 10% penalty if under 59 1/2), and tax-free withdrawals from your HSA for qualified medical expenses

Unprecedented Control
You are now in control of how your healthcare dollars are used - save or spend, it's your choice

Portable
Your HSA is an account that you own and remains in place regardless of where you work or what insurance company you are insured by

Flexibility
Your HSA contributions can be used to pay for a wide range of eligible medical expenses not typically covered by low deductible health insurance or other healthcare accounts

Planning for the Future
HSA contributions can be directed toward long-term investment vehicles, such as mutual funds, to maximize future value of your HSA

These elements of an HSA are only useful if you take full advantage of the HDHP (High Deductible Health Plan) combined with the HSA (Health Savings Account). The consumer can have the HDHP without an HSA but you forfeit the savings benefits (Interest on your money and investment options) and tax benefits (Deferred taxes or no tax or penalty if used for qualified medical expenses).

The HSA / HDHP combination is not for everyone. Talk with your insurance agent or tax advisor and see if it fits of you and your family's needs. Additional information can be found at WWW.HSAINSIDER.COM.

Health Savings Account
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Jade Insurance can help you find the right HSA to meet the needs of you and your family.