Despite its name, the “Affordable” Care Act, many consumers have already experienced an increase in their health insurance or are preparing for an increase this year. Some are even bracing for a possible policy cancellation, leaving many asking, “What’s the next best option?”
It would appear – at least for now – Health Savings Accounts (HSAs) are surviving the new reform and even thriving from it. If you’re unfamiliar with HSAs, here is a snapshot of what they are and what they can do for you.
HSA plans combine high-deductible health insurance coverage, used to protect against major accidents and illnesses, with a TAX-FREE savings account, used for smaller and routine health expenses, like a doctor’s visit. The savings account portion of it works like a checking account. You may conveniently deposit and withdraw the funds from your account to pay for future qualified healthcare expenses tax free. It even comes with its own debit card and checks. You can choose a single or family program based on your needs. The account has no maintenance fees and can roll over from year to year. And the best part, it pays a competitive interest rate.
If you want to learn more about HSAs as a healthcare option for you, contact us today or search Health Savings Accounts at www.avadiancu.com. If you already have an existing HSA, consider switching it to us. We make the rollover process simple.
*Please reference the Internal Revenue website at www.irs.gov to learn more about Health Savings Accounts, including contribution limits, withdrawals and eligibility requirements. Members should consult with their tax adviser for any additional information. Avadian is not responsible for determining the nature of account withdrawals.