Health Savings Account (HSA)
A Health Savings Account (HSA) can help you save money on health care. By making you a part of the medical services decision process, HSA’s are designed to help you manage medical expenses and reduce the continuing raising of health care expenses. Equally as important, the money you save remains part of your retirement account, even if you leave your present employer. If you don’t use all the money in your HSA for medical expenses, it can accumulate as tax-free savings for your retirement. One final benefit, HSA’s can pay for many more procedures than were ever allowed before by government sponsored programs.
How you can save
- Contributions to your account may be tax-deductible on your federal income tax return, and on your state income tax return. (Consult with your personal tax advisors.)
- You can pay for qualified medical expenses with tax-free withdrawals.
- Your employer may offer a payroll deduction option to help you make contributions on a tax-free basis through your employer’s cafeteria plan. In addition, your employer may also decide to contribute.
- Unlike Flexible Spending Accounts, your HSA has no “use it or lose it” requirement and stays with you if you change jobs or retire.
How you can use your savings
Items covered by the health plan but subject to cost sharing such as:
- Deductible and coinsurance, or co-payments.
- Dental, vision and chiropractic care, laser eye surgery.
- Durable medical equipment such as eyeglasses, contact lenses, and hearing aids.
- Transportation expenses related to medical care.
- Prescriptions and some over-the-counter non-prescription medicines.
- Standard medical services such as office visits and annual medical physicals.
- Preventive and restorative dental care, as well as orthodontia for children and adults.
- Paired with high deductible insurance plans
- Manage and reduce the rising cost of healthcare expenses
- Contributions are tax deductible
- MasterCard Debit Card
- Online Banking with Bill Payment
- Withdrawals are tax-free if the funds are used for qualified medical expenses
Give us a call or visit our location. Our representatives would love to assist you with your application. If you live in a market outside of our geographic area, please call a representative at one of our locations to see if you qualify for an account.
Current Location: Mt. Dora (Find closest location)