HSAs – Health Savings Accounts

Often used in conjunction with a high-deductible health insurance policy, a health savings accounts, HSAs, allows participants to save money tax-free against medical expenses. Similar to a personal savings account, an HSA is money the individual participants control. Used to pay for health care expenses, HSAs are not taxed. In order to be eligible for a health savings account, you must have specific types of health insurance called high-deductible plans.

Is a HSA the right choice?

Like any other health care option, HSAs have their benefits and options that should be carefully weighed before making a decision. If you’re generally healthy and want to save money fro future health care expenses, HSAs make an attractive choice. For individuals nearing retirement HSAs can be used to offset costs of medical care after retirement.

If you think you might need expensive medical care in the next year, and find meeting high deductibles challenging, an HSA may not be the right option for you.

Why Choose an HSA?

There are several advantages to choosing an HSA such as deciding how much to set aside for health care costs, controlling how your money is spent, employers may contribute, unused money stays in the account, contributions are tax-free for employees.

Have a discussion with a knowledgeable Nevada West Business Insurance agent and understand all of your options.

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