HSA Health Savings Accounts – CMA Insurance Services

HSA

Health Savings Accounts

FEDERALLY QUALIFIED HIGH DEDUCTIBLE HEALTH SAVING ACCOUNT PLAN

HSA Plans – HSA Health savings account plans give you three ways to save on taxes.

HSA plans were developed in 2003. They allow you to qualify for special federal tax savings when you’re enrolled in a federally qualified high deductible health plan.

Contributions to your HSA are tax deductible.
Any earnings in interest and appreciation in value from your investment in an HSA are tax free.
Withdraws from your account for eligible expenses are not subject to taxes.
Other Qualified Medical Expenses such as prescriptions, dental visits, vision care, hearing aids, batteries for your hearing aid, glasses, eye surgery, walkers, wheelchairs, alternative therapies such as acupuncture, and more, can all be paid for with tax-free money through your HSA.

The HSA Plan CANNOT be used for expenses that are merely beneficial to general health such as vitamins, vacations, or health club memberships.

Click here for IRS Publication 502: Medical and Dental Expenses