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.
Congratulations on making the smart choice to open a Health Savings Account – or, HSA – with The HSA Authority at Old National Bank.
You're now ready to begin saving for qualifying current...future...even emergency medical expenses with money that is totally tax free. Yes – totally tax free.
Here's how it works:
First, you need to be enrolled in an HSA Qualified High Deductible Health Plan or HDHP. This is a must. But, what's great is, HDHP premiums are usually lower than your average health plan.
Then...just start putting money into your HSA. It's kind of like your “rainy day fund” for medical expenses. The cool thing is, you own it, you manage it and, unlike some accounts, you don't lose it, if you don't use it. Any unused funds at the end of the year roll over to the next year. It's completely portable. The money goes with YOU wherever you go, even if you switch health plans, change employers or retire.
Once you've saved enough, you're ready to cover those medical expenses that might otherwise be budget-busters, but, you don't just pay for your own medical expenses – you can pay for those of your spouse or any dependents that you claim on your tax forms. This includes qualifying medical, dental and vision coverage for you, and your dependents – and, again, every contribution is tax free.
You work hard for your money, and now, your money can work hard for you.
If you have any more questions about your HSA, go to TheHSAauthority.com.