Covering doctor visits and prescriptions can be challenging, especially with out-of-pocket costs before meeting your deductible. A Health Savings Account (HSA) can help you save on qualified medical expenses. Discover four HSA benefits you might not know about.
1. Tax Benefits
HSA contributions are pre-tax, meaning you pay no taxes on them if used for qualified medical expenses. Additionally, your taxable income decreases based on your contributions, potentially lowering your tax bill. Find out what the current HSA contribution limits are.
2. Family Use
HSA funds can cover eligible medical expenses for your spouse and dependents, even if they aren’t on your health plan. This includes items like glasses, dental care, and over-the-counter meds.
3. Interest & Investment
HSA funds can earn interest, and some accounts offer investment options. Earnings are tax-free, adding further savings. Learn about U1's three month HSA Certificate with investment options on balances of $1,000 or more. Schedule an appointment or give our Member Support team a call at 937-431-3100 option 0.
4. No Expiration
HSA funds roll over each year and are portable, meaning they stay with you even if you change jobs.
Eligibility
To qualify, you need an HSA-eligible High-Deductible Health Plan (HDHP), cannot have other full-coverage health plans, and cannot be enrolled in Medicare or claimed as a dependent.
Learn more about U1's HSA offerings here.
Sources:
www.guidestone.org
IRS.gov/publications/p969
Apps.IRS.gov/app/vita/content/17s/37_09_005.jsp
IRS.gov/forms-pubs/about-publication-502
Investopedia.com/articles/personal-finance/082914/rules-having-health-savings-account-hsa.asp
HSAStore.com/articles/learn-hsa-tax-deduction.html
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