Health Savings Accounts
Have you considered using a health savings account? Health Savings Accounts (HSAs) are designed as a way to save for healthcare and medical expenses while also saving on taxes.
At Hometown Insurance Professionals; we offer HSA qualified plans!
These plans work with individual and family coverage options. In past years, individuals could contribute as much as $3,500 to their HSA. Those with family coverage could contribute as much as $7,000 annually.
Tax Advantages
There are some tax advantages that go along with using a HSA, such as deductions and tax free medical expenses.
HSAs are widely available, however a new report in the Cerulli Edge, U.S. Retirement Edition, says these useful savings vehicles are underutilized in the United States.
Though currently underutilized, and misunderstood, Health Savings Accounts are expected to evolve in coming years along with trends emphasizing holistic planning and financial wellness.
As a way to invest, and plan ahead for medical emergencies or procedures, or even pay for many pharmacy items, an HSA can provide benefits in the near and long term.
Let us know if you have any questions about HSAs. You can read more in an article we found at benefits pro, here.
Here to Help
We hope you find this information useful! Let us know how we can help you with your insurance needs. If you have questions about coverage options, give us a call @ +1 (970) 264-4321 or email to info@hippsllc.com!