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HEALTH SAVINGS ACCOUNT

Health Savings Accounts or “HSAs” could be a good choice for people who like to plan ahead. With an HSA, you can set money aside for those “just in case” moments that will come in handy in the event of a medical emergency.

Health Savings Account eligible health plans are health insurance products with a deductible that is high enough to qualify you for tax-advantaged savings on health expenses. To qualify as an HSA-eligible plan, the health plan can only pay for preventative care services and nothing else before the deductible is met.

Check out this helpful HSA fact sheet. 

Purchasing an HSA eligible health plan is just the first step in gaining tax-advantages when paying for medical expenses. The second step is to open an HSA account at your bank or credit union. Any money you put into your HSA account can be used to pay for deductibles, copays and out-of-pocket healthcare costs. The money deposited into an HSA account is not taxed at the time of deposit or upon withdrawal as long as you spend it on qualified medical expenses. It’s all documented on your tax return. Best of all, the money is yours to keep and rolls over from year to year. Visit our blog for additional HSA details.

Click here to estimate how much money to deposit in your HSA account.

Click here to view additional resources and HSA calculators.

Please Note: The information provided through the Health Savings Account (HSA) calculator links below are for informational purposes only, and accuracy is not guaranteed. CGHC does not intend to offer any tax, legal or financial advice. Please speak with a financial professional before making any financial decisions. CGHC is not affiliated, nor responsible for any of HSA account administrators.