Goshert Financial
Health Savings Account FAQ
Introduction
What is an HSA?
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Why should I get an HSA?
What are qualified medical expenses?
What insurance plans are HSA-eligible?
How much can I contribute to my HSA?
Is my money safe?
How do I use the funds in my HSA?
How do the tax saving work?
Why should I get an HSA?
You can save money in the short and long term by:
•
Deducting 100% of your HSA contributions from your taxable income
•
Having the money in your HSA accrue interest and/or gains on a tax-free basis
•
Paying no penalties or taxes when you use your HSA to pay for
qualified medical expenses.
•
Having a high-deductible
HSA-eligible insurance plan
. which typically has a lower premium than a plan with a lower deductible
Note: Some HSAs charge a small monthly maintenance fee.