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 How Does an HSA Work?
The Medicare Act of 2003 expanded the health benefits available to consumers by authorizing the use of HSAs (Health Savings Account). These consumers range from the self-employed to the employer groups of any size and their employees as well as the individual Market. HSAs are designed to give you more control over your healthcare expenses by allowing you to take advantage of lower premium health insurance plans, provides a tax advantage and allows you to use the money for all medical expenses. There are two parts to the HSA program:
A Health Savings Account: An HSA is an account you use to set aside funds on a pre-tax or tax-deductible basis to pay for routine healthcare - such as office visits, prescription drugs and lab tests. You can also use this money for Dental or Vision.
A High-Deductible Health Plan: in order to qualify for an HSA account you must also be enrolled in a high-deductible health plan that provides additional protection.
If you have a compatiable plan please click below to apply with HSABank.
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