Health Saving Accounts: Are They Best for You

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One Source Benefits1-877-549-1212

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HSA Benefits Exceed ExpectationsUnlike similar accounts, health savings accounts do not penalize you for

estimating over or under the annual amount needed for medical coverage. Whatever money is not used will be left in the account for when you do need it.

HSA’s are accounts owned by the individual not his or her company. That means it is all your money and your employer cannot keep it should you leave your job.

All money that is used for medical expenses is tax-free money. What you contribute to the expense is actually the real payment amount.

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Which would you rather have? Health savings account IRA or 401KHSA’s only have taxes taken out

when the money is not used towards a medical need.

Earn tax-free interest and investment income every year.

Once you reach 65 can use account like an IRA or 401(k) and still not pay tax on medical fees.

401k’s and IRA’s are tax-deferred accounts, meaning you do not pay taxes until the money is withdrawn.

Earn tax-free interest and investment income every year.

No tax-free medical spending.

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Having an HSA could be better than getting a raise!!!Why you ask? The amount your boss gives you when deposit

the money into a health savings account is tax-free. So the amount given is the amount received because neither of you have to pay taxes on that money.

Cash that is allocated to an account such as an HS A will probably be more appreciated since it will better spent and less likely to be used on something you do not really need. Overall, health savings accounts can lead to more prudent spending.

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HSA’s May be a Better Option than Traditional PPO’s

For those who have more expensive medical needs, health savings accounts are very likely a more cost-effective option than Preferred Provider Organizations (PPO). PPO’s are predictable because you know the copayment amount, and the out of pocket maximum. However, the copay and the deductible to not contribute to the OOP max. Consequently many doctor visits will continue to accumulate and therefore costs will be higher .

As for HSA’s, the amount paid at the time of the visit is more, but you will later receive the insurance company discount. The biggest difference though is that the amount paid at the doctor’s visit is applied to the deductible as well as the OOP max, thus saving you money in the long-run.

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The Clock is Ticking!!!

With so many changes in healthcare on the horizon, it is better to begin looking into HSA’s sooner rather than later. Before long the costs of premiums will be going up as more and more individuals begin to buy into these accounts. Don’t wait until 2014 to discover what could be your best option. Talk to an experienced Ohio broker today and find what’s best for you!

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Thank You!

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