HealthInsurance.com starts you on your way to tax-free medical expense savings, tax-deferred retirement savings, lower premiums and greater medical freedom. Overview
Health Savings Accounts (HSAs) are a relatively new way for Americans to pay for their healthcare. Like an IRA, the money deposited into an HSA is completely tax-deductible on your federal tax return. The health accounts also are shielded from state income taxes in most of the country, but seven states have declined to provide an exemption: Alabama, California, Maine, Massachusetts, New Jersey, Pennsylvania and Wisconsin. As with all things that have to do with taxes, please rely on your tax advisor for tax advice.
These accounts, however, can be accessed whenever individuals need them to pay for qualified healthcare expenses. In the meantime, their money earns tax-free interest for future medical costs.
Some HSA Benefits Include: - Greater control over health care
costs
- Greater flexibility in choosing a
physician
- Lower monthly premiums
- Tax-Free savings
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