Health Savings Account Plans: HSAs For Groups And Indiviudals

An HSA (Health Savings Account) is a tax-advantaged medical savings account available to residents in the United States who are enrolled in a High Deductible Health Plan (HDHP). Funds contributed to the account are not subject to federal income tax at the time of deposit. Funds may be used to pay for qualified medical expenses at any time without federal tax liability. Withdrawals for non-medical expenses are treated very similarly to those in an IRA account in that they may provide tax advantages if taken after retirement age, and they incur penalties if taken earlier. These accounts are a component of the new phenomena of consumer driven health care.
Components of HSAs believe that they are an important reform that will help reduce the growth of health care costs and increase the efficiency of the health care system. According to proponents, HSAs encourage saving for future health care expenses, allow the patient to receive needed care without a gate keeper to determine what benefits are allowed and make consumers more responsible for their own health care choices through the required High-Deductible Health Plan.
Do you currently have an HSA? Do you need more information on the particulars of a Health Savings Account? Research our resources and make an informed decision today.