Health Savings Accounts
Make the Most Out of Your Money
It’s a scenario we’ve all probably experienced: A routine checkup ends up turning into blood work, prescriptions, and follow-up appointments. Then medical bills start showing up and your portion is higher than you expected.
The good news is there’s a way to prepare for those increases, while also saving money. A Health Savings Account, or HSA, lets you set money aside before taxes for eligible medical expenses when you have a qualified High Deductible Health Plan. Not only will you have funds available for unexpected medical bills, you'll keep more of your money because those funds aren't taxed.
Here's how it works:
Features
Pre-Tax Contributions
Depending on your employer's plan, funds may be taken from your paycheck before tax, lowering your taxable income which may lead to you taking home more of your money.
Build Your Savings
Because HSAs don't have "use or lose" rules like Flexible Spending Accounts, your contributions carry over yearly, which may help you build your savings account.
Room for Growth
Your HSA can earn interest which can be invested and, like your earnings, grows tax free.
An Account You Own
Your HSA is exactly that: yours! If you leave your current employer, you can take it with you wherever you go.
Help Your Savings Grow
HSA dollars may be used to pay for deductibles, copays, and more. These health insurance products below offer cash benefits, paid directly to you, for covered medical expenses. These benefits can help protect your HSA money so it can keep growing.
Connect with your American Fidelity account manager to learn more about Health Savings Accounts!