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savings | health savings accounts
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Your Guide to Health Savings Accounts
The rising cost of health care has prompted much debate over health insurance and how Americans pay for it. Some health care consumers are unaware of their options or unsure of how to take advantage of tax-favored tools such as health savings accounts (HSAs).
What is an HSA?
Flexibility. Control. Portability. Tax-Advantaged.
HSAs were established to provide people covered by high-deductible health insurance a tax-advantaged way to save for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis*. When combined with a high deductible health plan (HDHP), HSAs are an excellent alternative to traditional health insurance. HSAs have been available since Jan. 1, 2004.
They are an attractive alternative to medical savings accounts (MSAs) and flexible spending arrangements (FSAs), because HSAs have far fewer restrictions and allow unspent balances to accumulate year after year. An individual, not an employer, owns the HSA and makes decisions regarding contributions and distributions. HSAs can be funded by you, your employer or both, and accounts can be set up through financial institutions, health insurance providers or other approved administrators.
In addition to providing a tax-free way to save for medical expenses, HSAs give account holders more control over how their health care dollars
are spent. Plus, with Norbel, HSAs can earn a competitive rate while the funds are being saved.
For more detailed information, visit these sites - Health Savings Account FAQs or HSA Brochure
How can I open an HSA?
To open an HSA, a person must meet the following criteria:- Have coverage under an HSA-qualified HDHP
- Have no other first-dollar medical coverage (i.e., Tricare Coverage, Flexible Spending Arrangements, Health Reimbursement Arrangements)
- Are not enrolled in Medicare
- Cannot be claimed as a dependent on someone else's tax return
To access your HSA funds, Norbel now offers specific HSA Debit Cards along with checks for your convenience.
Call us or visit any of our branches to enroll.
*Always consult your tax advisor for your unique financial situation.
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