This communication is not intended as legal or tax advice. The materials contain only a partial, general description of the benefits of Health Savings Accounts. The information is believed to be accurate as of the production date; however, Federal and state laws and regulations are subject to change. Please contact a competent legal or tax professional for personal advice on eligibility, tax treatment and restrictions.
Now that you've made the smart move to choose an HSA from The HSA Authority at Old National Bank, along with being enrolled in an HSA qualified High Deductible Health Plan – or HDHP – you're ready to start saving.
Planning and preparation are the key ingredients to making sure you're not blind-sided by the cost of medical expenses – both expected and unexpected – that you or your dependents might incur.
First of all, you've got to be ready to pay the cost of any expenses that might come up during the “deductible phase” of your HDHP. A high deductible means a lower premium, but more “out of pocket” expenses up front. That's where your HSA is the handiest – if you've planned and prepared, you're golden. Your deductible is paid and, you’re ready to knock out your part of any planned or unplanned health care expenses for you and your dependents. And remember, that covers qualifying medical, dental and vision expenses.
And, making sure your HSA is fully funded gives you peace of mind – knowing that your medical expenses won't take a toll on your general household operating budget.
And, don't forget – every contribution is tax free – lowering your taxable income. If your employer makes deposits directly from your paycheck, they are “pre-tax” dollars. Plus, if you make additional contributions outside the automatic deduction, you can take the deductions on your tax forms, come tax time. Either way, you're reducing your taxable income.
So, you didn't have any medical expenses for the current year. No problem – your funds will roll right into the next year, and the next, and the next. Your HSA from The HSA Authority is not a “use it or lose it” proposition. This is NOT a Flexible Spending Account. With an HSA, you keep, manage and spend your money. Your money will continue to roll over, year after year, and will go with you wherever you go – even if you switch health plans, change jobs or retire.
Isn't it nice to know that you'll be prepared, when those medical expenses come around? So...start contributing to your HSA now.
If you need to know more about planning and preparing for contributions to your HSA from The HSA Authority at Old National Bank, just go to TheHSAauthority.com.