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Healthcare in today’s world can be very confusing and even scary. If you are one of the many folks who does not have “conventional” health insurance offered from your employer at an affordable monthly rate and reasonable deductible you may be worrying about what will happen the next time you have a medical emergency.

You are not alone: 11.4% of Americans do not have the luxury of a low cost quality health plan. If you work part-time and are not offered coverage by an employer, or what your employer does is offer a plan with high deductibles and less perks, it is beneficial to search for supplemental options to avoid scrambling to pay when medical bills arrive.

The words “healthcare” and “retirement” are a couple of the most nerve-racking words used in a sentence today, but there are three words that can help alleviate that stress, and those words are: Health. Savings. Account.

We’ve all heard of them before, maybe your friend has one, maybe you heard about it in an ad, but do you really know the benefits that surround them?

First, let’s get back to basics. What is a Health Savings Account?

A Health Savings Account (HSA) is an account used in conjunction with a high-deductible health insurance policy that allows users to save money tax-free against medical expenses.

An HSA empowers you to make your own health care choices – that’s why it ultimately gives you more flexibility and control over your health care costs. Not only are your deductible contributions never taxed while using them for medical expenses, but having an HSA provides peace of mind by allowing you to save money for future health care costs!

Your stress levels come down when you realize that any money left in the HSA account at the end of the year REMAINS in the account to be used in the future. There is no “use it or lose it” provision!

Aside from alleviating the stress that comes along with healthcare costs, there are other great benefits that you should be aware about.

Protection: You will have an opportunity to save money to pay high or unexpected medical bills.

Affordability: High health insurance policy deductibles mean lower premiums!

Savings: Your ability to deduct your contributions on pre-taxed dollars enable you to build your account.

Flexibility: You can contribute at any time during the year, and your HSA balance rolls over from year to year.

Portability: YOU own the account! It goes where you go, regardless of any job changes!

Eligibility: Are you eligible for an HSA account? Click here and fill out a short survey!

Learning all of the benefits and seeing the advantages of an HSA should tell you one thing: making the most of this savings plan can position you well for many of life’s short-term and long-term events.

For more information on Health Savings Accounts, call or stop in! We can help explain your options, answer any questions you may have and assist you on opening an HSA account!

*Please remember to always consult your tax advisor for tax benefits related to this account.