A brief description of how using an HSA in conjuction with a qualifed major medical HDHP can help control premiums and put you the consumer back in control of your healthcare dollars. Currently 9 million people enrolled in an HSA qualified plan.
5. Health Savings Account Qualified High Deductible Health Plan Custodial/Trust Savings Account What is a Health Savings Account?
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16. Can Individuals use the account to pay for anything else? HSAs can be used to pay for medical expenses not covered by the employee’s health plan. Typical expenses include vision, dental and over-the-counter medications. Employees must keep a copy of all receipts for IRS reporting.
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21. What happens to money left at the end of the year? The money in the HSA belongs to the employee. HSA funds rollover from year to year, earning interest tax-free and continue to accumulate for future years. These funds may be used to pay for future medical expenses tax free or can be used to supplement income at age 65 tax-deferred.
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