What is an HSA?
At a time when consumers are taking control of health care decision-making, Health Savings Accounts (HSAs) are an innovative savings tool that puts the consumer back in the driver’s seat. An HSA puts the consumer in charge of their own health care by adding the power of a financial tool. HSAs help consumers to be healthy, wealthy and wise about their health care investment.
How HSAs work for members: the big picture
When you have an HSA, you essentially attach an individual savings plan to a qualified health plan. This savings plan offers employees some pre-tax advantages because the account is built through pre-tax payroll deductions or contributions. Individuals use these HSA contributions to pay medical bills. If HSA funds go unused, they roll over into the next year and continue to accumulate.
HealthShare Plus and a Health Savings Account.Your total HSA solution.
When I go to the doctor, do I pay for the full office visit?
No. You are only responsible to pay the amount after your insurance applies the discount. You will generally be sent a bill after the discount is applied.
What is a qualified medical expense?
Those that would generally qualify for the medical and dental expenses income tax deduction. These are explained in IRS Publication 502, Medical and Dental Expenses.
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