It is just about that time of the year for open enrolment for your health insurance plans and you will be faced with several options to choose from for your health benefits. Many of our patients have found having an HSA to be very advantageous as they can be used to cover all medical expenses. Here is some information that you may find helpful to know about an HSA account before your open enrollment ends.

What's an HSA?

HSA stands for Health Savings Account. It's a special savings account for people who have a high deductible health plan (HDHP). The HSA allows you to save tax-free dollars to pay for IRS-qualified medical expenses the HDHP doesn't cover.

HSAs have other benefits, too. For example:

Your HSA and savings are yours to keep year after year. There's no "use it or lose it" penalty—even if you change jobs or healthcare plans.

You can grow your HSA with investment options. And whatever you earn from HSA investments is not taxed, as long as the funds remain in your HSA account.

What does an HSA pay for?

The tax-free dollars you save in an HSA can only be used to pay for "IRS-qualified medical expenses." These include:

• Medical expenses (including Chiropractic care) before you meet your health plan deductible
• Dental care services
• Vision care services
• Prescription services
• Certain medical equipment

For more information contact

Sima Ehrich (The contributor to this blog post.)

HalSi Insurance Services

Email: [email protected]

Phone: (520) 296-7881