Health Savings Accounts (HSA) / Consumer Driven Health Plans (CDHP) are available to you on:
- Group basis through your employer, or
- Individual basis
In order to open a Health Savings Account (HSA) the IRS has certain guidelines for HSA eligibility, and an individual cannot contribute to a HSA unless they have a HSA compatible HDHP. It is important to know not all HDHP plans are HSA compatible. Our Account Executives can help you enroll in the appropriate medical plan and ensure it meets the IRS guidelines for an HSA.
Health Savings Accounts are tax-exempt accounts where funds grow to pay for eligible medical expenses. HSAs were created to give more control back to the consumer by having a HDHP, which lowers cost of medical premiums and have the tax benefit of an HSA. Money that you contribute to the HSA is either pre-taxed through payroll deductions, or tax-deductible. The HSA is owned by the individual and any unused money rolls over every year.
For more information on Health Savings Accounts, please contact Shah at ext. 219.