Saving Money on Healthcare Costs with an HAS

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Saving Money on Healthcare Costs with an HAS
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Here are 5 reasons why you should consider an HAS
1. You get a triple tax advantage that you cant
get from anything else. First, contributions to
a HSA are reported as adjustments to your income
on your tax return (or pre-tax if youre
contributing through your employers payroll).
This means you do not pay taxes on the amount
of money you contribute to your HSA. Second, the
money in your HSA may gain interest tax-free.
Third, when you use the money on qualified
medical expenses, your withdrawals are also tax
free! There is no other savings method that has
as many tax advantages as a health savings
account.
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2. If you have an individual plan you can
contribute up to 3,500 and if you have a family
plan you can contribute up to 7,000. The
maximum amount you can contribute to a HSA is
determined each year, based on inflation. The
amounts above are how much you can contribute in
2019. Deducting these amounts from your taxes by
contributing to your HSA can have a real impact
on your taxes for 2019, and can help you put
money aside for healthcare costs (either expected
or unexpected). If youre 55 or older, you can
contribute an additional 1,000 to your HSA.
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3. Unlike Flexible Spending Accounts (FSAs),
money in your HSA rolls over from
year-to-year. All money you contribute to your
HSA is yours to keep. The money rolls over from
year-to-year which allows people to use HSAs as a
long-term strategy for saving money for expected
healthcare costs (like pregnancies) or for
retirement, when healthcare costs are usually
higher.
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4. The money can be used for any qualified
medical expense. You can use the money from your
HSA on things called qualified medical
expenses, which may include more services than
you realize. Qualified medical expenses include
things like dental cleanings and treatments,
vision exams and glasses, prescriptions,
vaccines, and more.
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5. High deductible health plans (HDHP) usually
have lower monthly premiums. When you choose a
HDHP, youre usually picking a health insurance
plan that has a lower monthly premium than a
copay plan. By choosing a HDHP, you can typically
save money monthly, and also take advantage of
the benefits of a HSA for when you do need to pay
for healthcare expenses.
Do you have other questions about HSAs and HDHPs
for you or your company? The Independent Benefit
Advisors serving Raleigh and The Triangle,
Charlotte and ALL of North Carolina can help you
determine the plan that is best plan for YOUR
company.  
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