Why An
HSA?
HSA Savings Accounts can help you save on
both your monthly health insurance premiums and your taxes!
Because the HSA must be paired with a comparatively inexpensive
high deductible health plan, you'll get lower-than average
premiums (monthly payments).
There is no other investment that can
offer a tax-advantage today alongside tax-deductible
withdrawals tomorrow.
How Do I Use the Money in My HSA
Account?
The cash in your account will be yours to
spend tax free, just as long as it's spend on qualified
medical expenses. This includes the purchase of
prescription drugs, paying your deductible and more.
In addition to being free to make tax-free withdrawals to cover
these types of expenses, you can also use your HSA to cover
costs that would not normally be covered by a health insurance
policy.
You Can Use Your HSA Account to Pay
for:
-
Dental Care: Individuals are
usually only able to buy into dental discount
plans, or more expensive dental insurance policies
that restrict their choice of dentists. Coverage
for braces is also usually limited. But with your
Health Savings Account you can pay for any of these
medically necessary procedures!
-
Maternity Expenses
-
Long-Term Care Insurance Premiums
-
Mental Healthcare or Therapy: This
includes the costs of psychologists, psychiatrists,
psychoanalysts, or psychotherapists.
-
Physical Therapy Needs: This could
include hydrotherapy, chiropractic services, or
medically required massage therapy.
-
Alternative Healthcare Treatments:
These could include acupuncture therapy,
homeopathy, aromatherapy, Traditional Chinese
Medicine, or even nutritional consulting.
-
Transportation (ambulance)
and lodging (hospitalization)
related healthcare expenses.
-
Preventative Healthcare Programs:
These could include blood tests, vaccines,
metabolism tests, other lab tests, and even fees
paid to a healthcare institute for vitamin therapy
prescribed by a doctor.
-
Nonprescription Drugs (ie. over
the counter drugs): Includes common remedies such
as aspirin or cough syrup.
-
Special Needs Health Care
Expenses: These include fees incurred by
the handicapped, for wheelchairs, dedicated
telephone or TV equipment, the cost and care of
guide dogs, or special schools.
For a more detailed list of what can be
covered on your health savings account please visit the IRS
website at this link: IRS Pub
502
West Coast HSA Plans represents all the
major carriers in Arizona, California, Michigan, Utah, Ohio
contact us for more information regarding health savings
account plans.
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