A Health Savings Account (HSA) offers another solution for Health Insurance coverage. Here at Dennis D. Smith Life and Health Insurance in York County, PA, we can show you whether a Health Savings Account might be a way for you to lower your health insurance costs.

A Health Savings Account (HSA) consists of two parts:

• An approved high-deductible health insurance plan that covers major medical expenses
• A savings account from which you can withdraw money for approved medical expenses

An HSA provides several advantages for the consumer.

• You do not need to use the money by the end of the year. This is not a "use it" or "lose it" plan.
• Interest earned is not taxed provided it is used for eligible medical expenses.
• At age 65, you have two options:
  1. Keep the money in the savings account to be used tax–free for eligible medical expenses, or
  2. Withdraw all or part of the monies to be used for any purpose. However this money will be subject to normal income tax.

The money for the HSA savings account comes from the money saved by choosing a high-deductible insurance plan. The tax advantages of the savings account serve to further reduce costs.

Save time and effort – Get professional advice

• Call our office here in York County, PA, at 717-225-9596 for a consultation – no obligation.
• Enroll in a Health Savings Account.

More helpful HSA links:

• HSA Resources Bank
• US Treasury
• Get a list of approved expenses