Is a health savings account right for you?Posted on by Fox Communities
Learn about the benefits of an HSA at Fox Communities Credit Union
A Health Savings Account (HSA) allows those with high deductible health plans to set aside money tax-free to pay for qualified medical expenses, like copays and deductibles, as well as items and procedures that may not be covered by your insurance – things like eyeglasses, hearing aids, and dental work. When you withdraw HSA funds to pay these qualified expenses, the withdrawals are tax-free, too. Plus, the interest or other earnings on your HSA are tax-free. For these reasons, HSAs are sometimes referred to as “triple tax-advantaged” accounts.
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Who benefits most from an HSA?
If you’re one of the millions of Americans who are generally healthy and never even come close to meeting their annual health insurance deductible, an HSA could be a great way for you to put away the cash you’ll need later in life when you’re not so healthy.
Some new and unexpected items your HSA can pay for
The CARES Act expanded the items eligible for HSA reimbursement and can include:
- Over-the-counter medications
- Menstrual products
- Guide dogs
- Travel for health care
- Much more!
Fox Communities Credit Union offers HSAs for those who qualify. To find out if your insurance plan qualifies, check with your insurance provider, and then come speak with one of our HSA specialists!
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