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Health Savings Accounts
(HSAs) - the next generation of healthcare |
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The newest choice
in consumer-directed healthcare, HSAs can help you save money by giving you more control over healthcare expenses. HSAs are a great way to help you manage the burden of medical expenses more efficiently and effectively. The information below is designed to give you a brief overview of our HSA program and how it can benefit you. |
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| Call Us @ 561-845-7392 | ||
What
is an HSA Account?
The Medicare Act of 2003 expanded the health benefits opportunities available
to consumers by authorizing the use of Health Savings Accounts (HSAs).
These consumers range from the self-employed to employer groups of any
size and their employees. HSAs are designed to give you more control over
your healthcare expenses by allowing you to take advantage of lower premium
health insurance plans. There are two parts to a HSA program. Click
here to learn more about First Horizon's HSAs.
Part One: 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. The money you put into your HSA will reduce your income taxes similar to the money you save in a 401(k) plan. An HSA can be established at a bank, insurance company or third party administrator. If your HSA is part of your employee benefits program, your employer may also make contributions. There are annual limits on the amount of money you can contribute to your HSA. Whatever you don't spend from your HSA rolls over year-to-year for future healthcare needs. And if you retire or leave the company for any reason, you can take the balance in your HSA with you. Funds deposited into the HSA can be conveniently accessed through the use of a debit card or check.
Part Two: A high-deductible health plan
To qualify for an HSA account you must also be enrolled in a high-deductible health plan that provides additional protection. The annual deductible is higher than you might find on a typical health plan; however, the money withdrawn from your HSA for qualified medical expenses will generally apply toward your deductible. So, depending on how much money you have in your HSA, you may not have any out-of-pocket expenses before the health plan starts paying benefits. If you are not already enrolled in a high-deductible health plan that qualifies for the HSA program, First Horizon Msaver can give you (or your employer) information about qualified health plans offered by leading insurance carriers with which we partner.
Click here to find out more about HSA's
HSA Basics from First Horizon
Current IRS Publication outlining
Qualified Medical & Dental Expenses for HSA Funds
About First Horizon MSaver
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