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WHY AMERICAN FIDELITY |
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Health Savings Accounts (HSAs) are the newest, most innovative
approach to the ever-increasing cost of health care! Health Savings
Accounts are tax-favored trust accounts established to pay for
qualified medical expenses for eligible individuals, their spouses,
and/or tax dependents. HSAs are open to any individual with qualifying
High Deductible Health Plan (HDHP) coverage, so long as he or she does
not have any disqualifying health coverage. Health Savings Accounts were
created by the Medicare Prescription Drug Improvement and Modernization
Act of 2003, and became effective January 1, 2004.
Benefits to Individuals
- Invest in Yourself !
- Individuals can make contributions and get an "above-the-line" tax deduction*
- Balances roll over from year to year, no more "Use it or Lose it"!
- Contribution dollars are invested in interest bearing accounts!
- Flexibility !
- HSA dollars can pay for qualified medical expenses defined by the IRS. Eligible expenses would include deductibles, co-payments, dental and vision expenses or doctor appointments, if not covered by other insurance.
- It's Portable !
- If you leave your current employer, your HSA goes with you!
- You own it!
- Tax Savings !
- The three-tiered tax savings are hard to beat.
- Tax-free contributions
- Tax-free growth
- Tax-free distributions for qualified medical expenses
- The three-tiered tax savings are hard to beat.
* If under a section 125 plan, then contributions are pre-taxed.
Click here if you would like to view the overview in PDF Format. | All documents are in Adobe PDF format. You will need the free Adobe® Reader® to view these documents. We recommend version 6.0 or newer. |
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