You are ready – ready to take care of your planned and unplanned medical expenses, because you've got an HSA from The HSA Authority at Old National Bank.
Okay...so, you're still wondering, “was this a smart move? What are the 'real' advantages to having an HSA?” Well, besides the obvious fact that you can tell people how smart you are, there are a bunch of “REAL” advantages.
Starting with the tax advantages. I mean, who DOESN'T want to save money on taxes? Every dollar you put into your HSA means dollars you don't have to pay taxes on: payroll deductions are pre-tax money and any post-tax contributions are deductible on your tax returns – so, how cool is that?
And it gets even better. Any interest or investment income in your HSA is tax free as well.
Then, there's the advantage of portability and flexibility – portable, in that the funds go with you where you go – even if you change to a non-HSA health plan. You won't be able to continue to contribute to your HSA, but, you'll keep the funds that are already there and you can apply them to your qualifying medical expenses. If you change jobs – you keep the funds. If you retire – you keep the funds. It's your money...forever. And, as long as you keep your HSA your contributions will continue to roll over...year, after year, after year.
Your HSA is flexible, in that you own and mange your account. You plan for those health care expenses. You decide when to use the funds in your account. They're always immediately available for you, your spouse and your dependents, and, best of all, there's no limit to how large your HSA can grow. And, no matter how big it gets, or how much you do or DON'T use it, you NEVER lose it. They money's yours in perpetuity.
So, really, the short answer to the question, “What are the advantages to having an HSA?” is that there are even advantages to the advantages.
If you need to know more about the advantages your HSA from The HSA Authority provide, just visit us at TheHSAauthority.com.
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