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Health Savings Accounts

What is a Health Savings Account (HSA)?health-savings-account

HSAs are special savings accounts that can be used to pay for qualified medical expenses and health care. HSAs can be used by anyone who is enrolled in a high-deductible health plan (HDHP).

What are the advantages of having an HSA?

Health Savings Accounts are used to meet your deductible when you’re enrolled in a high-deductible health plan. The amount you save is tax deductible and grows tax-deferred. You aren’t taxed on the money kept in your HSA when you use it to pay for qualified medical expenses. HSAs roll over year after year – it’s not “use it or lose it”.

What are qualified medical expenses?

There are many expenses that are considered qualified to be used to pay out of your HSA. Doctors visits, prescriptions, diagnostic tests and devices, operations/surgery, nursing services, eyeglasses/eye exams, and even expenses like bandages and first aid supplies are considered qualified expenses.

To learn more about Health Savings Accounts, click here to view more information on the IRS’s website. 

To see what expenses are considered qualified medical expenses, click here.

If you have any questions about Health Savings Accounts or if you would like to enroll for free today, please call us at 419-898-3366 or stop in to either location of Commodore Perry FCU.