Dave Slutzker - Financial Resource Group

A Health Savings Account (HSA) gives you every advantage in saving for future health care expenses. Established by federal legislation, HSAs have been called the "medical IRA" because they offer tax advantages on all contributions, interest and qualified withdrawals.*

With a High-Deductible Health Plan (HDHP) that conforms to federal legislation requirements to qualify for HSA Savings Account treatment, you get more than complete major medical coverage.

You get premium savings and tax advantages* that translate into extra money in your pocket. Deposit those extra funds in your HSA, and they're tax-deductible. Let your funds gain interest, and the interest is tax-deferred. Withdraw the funds to pay for qualified expenses (like medical expenses, eye care/eyewear, dental/orthodontic expenses, chiropractic services, long-term care insurance premiums and many other items (See IRS pub 502), and they're tax-free.

Leave your funds in your HSA and it works like an IRA - only better. Here are some of the many benefits of an HSA, a unique tax-favored account.

When you have a qualified high-deductible health plan you can use an HSA to:

Get greater control over your health care dollars
You withdraw your funds when you need them. Withdrawals are tax-free and penalty-free when made for qualified expenses.
Funds for a broader range of health care services
Pay for covered expenses that apply toward your deductible.
Pay for qualified medical expenses that your health plan doesn't cover such as:
- - Vision Care / Eyeglasses / Contact lenses
- - Dental and Orthodontic services
- - Chiropractic services
- - Certain types of Alternative Medicine
- - Long Term Care Insurance Premiums
- - Many other qualified expenses
Tax advantages
Contributions are tax-deductible, earnings are tax-deferred, and qualified withdrawals are tax-free.
A retirement income supplement
There are no forced distribution requirements, so the funds can remain in the account after retirement and be used to pay all qualified expenses with no tax consequences including medical expenses not covered by Medicare. Beginning at age 65, accumulated funds can also be withdrawn for non-qualified expenses, which withdrawals will be subject to income tax, but with no excise tax penalties.

The above is a general introduction and overview. There are three addition information pieces you can click on and read or print out below. I invite you to call me or click on the Request a Quote link below and complete and submit the request to see how inexpensive a High Deductible Health Plan can be. In many cases, the annual premium savings on an HDHP can be greater than the family deductible.

*Note: This information is designed to provide general information regarding the subject matter covered. Please note that we are not engaged in rendering tax, investment or legal advice. Federal and state tax regulations are subject to change. Federal tax regulations have not been promulgated, and the governing federal and state statutes are subject to interpretation. As a result, the information above could become dated as more guidance from regulatory agencies becomes available. If tax, investment or legal advice is required, seek the services of a licensed professional.

it for an example of What is an HSA - Illustration - Bag O Money

Click here for a comparison of Major Medical Coverage with Copay Plans

Click here for an example of HSA PPO Concepts

Click here for an HSA-Simplified Summary for Clients

Click here for a list of HSA-Examples of Qualified Medical Expenses

Click here to Request a Quote

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dave@daveslutzker.com