HEALTH SAVINGS ACCOUNTS  (HSA)                      

What is an HSA?

HSA, or Health Savings Accounts, are personal savings accounts that allows you to pay for qualified medical expenses with tax-advantaged dollars. You and/or your employer contribute money to an HSA through pre-tax or post-tax contributions. the money contributed to the account is not subject to federal income tax at the time of deposit.  Funds in an HSA roll over and accumulate year after year if not spent. All money in your HSA is owned by you. The U.S. Department of Treasury and the IRS set rules and guidance for HSAs. For detailed information about HSAs, such as annual contribution amounts, technical questions, and forms and publications, please visit: www.irs.gov   Search for publication 502

Who is eligible for an HSA?  

To be eligible for an HSA, you must be under age of 65, not eligible for Medicare, and be insured by a high deductible health plan (HDHP). 

How do I enroll in a HDHP plan?

We offer many different HDHP HSA compatible health plans through different carriers. Give us a call today and we can help you find a plan that will meet your needs and your budget. Call 805-489-4357 or email us for more information.

                        ** HSA Calculator- Learn How Much You Can Save

ADVANTAGES OF HSA-COMPATIBLE HEALTH PLANS

Affordability – With higher deductibles, HSA-compatible health plans are low rate alternatives to other PPO plans while still providing the quality benefits you need most.

Security – An HSA-compatible health plan offers the peace of mind that comes from having access to quality health care coverage.

Preventive benefits – Some HSA-compatible health plans offer preventive care services with preferred providers at no charge.

Comprehensive drug benefits on most plans – including $0 generic and brand-name coverage after meeting the deductible.

ADVANTAGES OF HSA'S

Control – When you have an HSA, you make the decisions about:

• How much money you put in your HSA
• Which qualified expenses to pay, or whether to save the money
• Which company will holds the account
• How to invest the money in the account and which investments to make

Ownership – If you decide to open an HSA, you own the money in your HSA. It rolls over year after year like an IRA (Individual Retirement Account). There are no "use-it-or-lose-it" rules.

Deductions – Individual contributions to your HSA are allowed as a tax deduction, even if you don’t itemize your tax returns.

 Flexibility – HSA funds can be used to pay for current medical expenses or saved to pay for future needs such as health plan or medical expenses, even after retirement.