Many people are constantly finding themselves looking into ways they can save on their health insurance policies. One of the popular insurance trends today is by using a health savings account (HSA).
How Does A Health Savings Account Work?
From co-pays, to deductibles, to dental expenses, to other costs your healthcare plan doesn’t cover, and health savings account will allow you to be reimbursed for any medical expenses you pay out of pocket.
HSA’s are often funded through an employer benefit plan, through an account you open with a bank, or with an insurance company. Money for healthcare expenses will remain in your HSA account until you incur eligible medical expenses. After you make your medical payments, you will send in your receipts verifying your payment, and that is when you are reimbursed you for expenses from your HSA account.
Advantages of A Health Savings Account
There are various types of HSAs to fit a variety of situations. From flexible spending accounts, to health reimbursement arrangements, each will include various features and eligibility requirements, depending on your specific needs.
With an HSA, you are provided with a tax deduction when you fund the account. Another advantage is that any deposits that are made into an HSA are pre-taxed, reducing your taxable income.
Consult With Your Insurance Agent
While most employers offer an HSA program, if you are self-employed or do not have access to an employer plan, an insurance agent can determine the best HSA for one’s particular health insurance needs, providing you with various options and helping you to select the HSA that fits your goals.
If you are interested in an more affordable healthcare solution, contact Brazelton Insurance Group for more information today!