Benefits of Health Savings Accounts

In the changing world of Health Insurance, all eyes are on Health Savings Accounts. A Health Savings Account (or HSA) is a tax-exempt savings account that can be used to fund certain qualified medical expenses. They are great for health people who want to invest and save for suture potential health problems. Health Savings Accounts come with a lot of advantages. Below we explain some of the benefits of health savings accounts to help you decide if one is right for you.

Tax Deductible

Any contributions you make to your Health Savings Account are tax-deductible. This will decrease your taxable income, helping you save even more money.

It’s an Investment

Another one of the benefits of health savings accounts is that they act as an alternative form of savings. Just like a 401k or an IRA, a Health Savings Account will generate interest over time which means you may end up with more money than you invested. An HSA can also be combined with your retirement fund. Once an individual turns 65, they can withdraw their full account balance, tax-free!

Health Savings Account Quote

Balance Roll Over

Every contribution you make to your HSA will remain until you use them. Your remaining balance at the end of the year will automatically roll over to the next year.

Portable

A Health Savings Account belongs to the individual. That means it will follow you wherever you go. If someone decides to change job or health insurance plans, their HSA can be attached to their new policy and remain unchanged.

Tax-Free Withdrawals

Any withdrawal you make to cover a qualified medical expense for you, your spouse, or your dependents will not be taxed or penalized.

If you want to take advantage of the benefits of health savings accounts, then don’t hesitate to open one today. SkyBlue Insurance is an authorized rep for some of the leading providers of Health Savings Account. We can find you the best option so you can start investing in your health today. Contact us for a free Health Savings Account quote and your results instantly.

Benefits of Health Savings Accounts

In the changing world of Health Insurance, all eyes are on Health Savings Accounts. A Health Savings Account (or HSA) is a tax-exempt savings account that can be used to fund certain qualified medical expenses. They are great for health people who want to invest and save for suture potential health problems. Health Savings Accounts come with a lot of advantages. Below we explain some of the benefits of health savings accounts to help you decide if one is right for you.

Tax Deductible

Any contributions you make to your Health Savings Account are tax-deductible. This will decrease your taxable income, helping you save even more money.

It’s an Investment

Another one of the benefits of health savings accounts is that they act as an alternative form of savings. Just like a 401k or an IRA, a Health Savings Account will generate interest over time which means you may end up with more money than you invested. An HSA can also be combined with your retirement fund. Once an individual turns 65, they can withdraw their full account balance, tax-free!

Health Savings Account Quote

Balance Roll Over

Every contribution you make to your HSA will remain until you use them. Your remaining balance at the end of the year will automatically roll over to the next year.

Portable

A Health Savings Account belongs to the individual. That means it will follow you wherever you go. If someone decides to change job or health insurance plans, their HSA can be attached to their new policy and remain unchanged.

Tax-Free Withdrawals

Any withdrawal you make to cover a qualified medical expense for you, your spouse, or your dependents will not be taxed or penalized.

If you want to take advantage of the benefits of health savings accounts, then don’t hesitate to open one today. SkyBlue Insurance is an authorized rep for some of the leading providers of Health Savings Account. We can find you the best option so you can start investing in your health today. Contact us for a free Health Savings Account quote and your results instantly.