Stay Healthy with a Health Savings Account
It’s the beginning of a new year, and it’s a great time to start thinking about a health savings account. A health savings account, also known as an “HSA“, goes hand-in-hand with a high deductible health plan (HDHP). This account is NOT an insurance plan, and it could lower your health care costs through its ability to pay for day-to-day eligible medical expenses. This tax-advantaged plan works like a normal savings account; withdraw cash and transfer money to a checking account so you can pay for medical expenses.
Works for You for the Rest of Your Life
Create an HSA today to protect your family and yourself from overwhelming health care costs. It gives you more freedom of choice when selecting a health care plan. Flexibility can be useful when looking at plans. It also moves with you, no matter what job you have! This option is also great for anyone who wants to plan ahead for retirement, as well. The HSA can be used even after you retire! The health savings account will continue to grow, tax-free, even if you don’t pay into it regularly. There are a number of benefits to an HSA including:
- No Minimum Balance
- Monthly Dividends
- Tax Savings (consult your tax advisor for specifics)
- Balances will rollover from year to year
- A year-end statement for tax purposes
If you would like to learn more about a health savings account, or if you are interested in opening one with us here at The Family Credit Union, just give us a call. A representative will help answer your questions or begin the process of opening one for you! We hope to hear from you soon.
