The cost of health care and how Americans address this concern has been a major topic over the last several years. For many, a High Deductible Health Plan (HDHP) coupled with a Health Savings Account (HSA) has been the answer. An HSA is a taxed-advantaged checking account that allows qualifying individuals to set aside tax-free dollars for current or future medical, dental and vision expenses. Participation in HDHPs and HSAs is growing rapidly across the county. Assets held in HSAs grew 23% to $42.7 billion for the 12 months ending June 2017!
This Bloomberg news article, This Health Savings Account Triples Your Tax Break
, offers valuable information about using HSAs not only to cover current medical expenses but also as an investment vehicle for retirement. (It also references a recent Morningstar study that rates The HSA Authority the best HSA option in the country.)
Whether you are an individual, an employer or a health insurance broker, education is essential for a successful HDHP and HSA program. On the surface, HSAs are a very simple concept; deposit the money tax free and withdraw the funds for qualified medical expenses. For individuals with HSAs, educational support is needed when attempting to understand how HSAs interact with other health plans, Medicare, turning 65 and tax returns. If you are an employer or health insurance agent, you’ll want professional support to ensure your plans are rolled out properly to your employees and clients. This is when the support of an HSA expert is essential.
Looking for HSA educational support?
The HSA Authority team at Old National Bank develops customized HSA education to meet the needs of individuals, employers and health insurance agents.
Ruste is the Vice President and Sales Manager for The HSA Authority powered by Old National Bank. He has 28 years of consumer and small business banking experience and leads a successful team of experts at The HSA Authority. One of the largest HSA administrators in the country, The HSA Authority partners with insurance brokers and employers to serve more than 1,200 employer groups and accounts in all 50 states.
This content is not intended to provide legal, tax, accounting, financial or investment advice or indicate the suitability of any product or service for your unique circumstances. You are encouraged to consult with a qualified legal, tax, accounting, financial or investment professional based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.