Navigating the Health Savings Accounts Information

This post is brought to you by HSACenter.com. All thoughts and content are my own.

I am about to start working at a part time job in my community. After reviewing the benefits package I received in the mail, I had several questions about the Health Savings Accounts that the company offers in lieu of traditional health care coverage. So what is Health Savings Account?

hsaBasically, a Health Savings Account is a tax favored savings account you can use to pay for medical care. All the deposits are tax deductible, making your medical care tax free and possibly helping you save money on Health Insurance. I found a lot of information about the insurance and health savings accounts on the HSACenter.com website.

 

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Along with information, the  HSACenter.com website offers several calculators to help you compare plan prices, estimate your tax savings and even estimates how much you will be able to save on future health care costs. Just starting a new job and having a son off to college this fall, I am looking for ways to save money anway we can.

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There are plenty of benefits to be had from using a Health Savings Account. Not only are you saving money for medical expenses during this year, the funds in the account continue to grow, even when their not in use. In other words the money in your Healthy Savings Account is never taxed when its used for medical expenses, rolls over from year to year and you can take it with you wherever you go. There are also tax savings, since the money you put in your Health Savings Account is deductible from your gross income, maybe even putting you in a lower tax bracket.

hsa 4If you have questions and are looking for ways to save and still have affordable health care coverage, you should visit the HSACenter.com website and take a look around. The FAQs section was very helpful to me. They also have videos, presentations and more information to help you make decisions regarding health insurance. Don’t forget you can decide to start a Health Savings Account before April 15, 2014 and claim the deductions on your 2013 income tax returns. 

Have you made any recent decisions about your health care coverage?

Michele Brosius
Michele is a married mom of 3 adult children. She is currently enjoying spending time with her husband in the empty nest. Michele can be found working on a healthy lifestyle, camping or having some frugal fun. Not necessarily in that order!
Michele Brosius
Michele Brosius

Latest posts by Michele Brosius (see all)

Michele Brosius

Michele is a married mom of 3 adult children. She is currently enjoying spending time with her husband in the empty nest. Michele can be found working on a healthy lifestyle, camping or having some frugal fun. Not necessarily in that order!

18 thoughts on “Navigating the Health Savings Accounts Information

  • April 4, 2014 at 7:40 am
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    We have a healthy savings account and boy is it good to have when you have kids. My daughter was hospitalized in February and out of pocket we paid over $2,000 but having this money on the savings account plan helped out! i liek that it’s pre-taxed!

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  • April 4, 2014 at 8:50 am
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    We do not have a HSA but I think it is a wonderful financial tool!

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  • April 4, 2014 at 10:03 am
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    I have actually never heard of this! Sounds like a good thing to have. Definitely a lot to understand!!!

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  • April 4, 2014 at 11:03 am
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    This site really makes HSA’s easy to understand. I used their tool to put in our current plan’s numbers to see if an HSA was a good option for us. I’m all about tax deductions and saving money on health care costs!

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  • April 4, 2014 at 2:43 pm
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    i had never know the difference before! Thank you for making it so easy to understand. This is definitely something i need to see if the husband’s new job offers. I think it could really benefit us with their high deductibles in health care.

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  • April 4, 2014 at 3:19 pm
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    This looks like a good program. Anything that helps is good!

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  • April 4, 2014 at 3:44 pm
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    This may be something we need to look into for my husband’s medical expenses. I think it could definitely help us.

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  • April 4, 2014 at 7:55 pm
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    We use to have something like this. It really came in handy

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  • April 4, 2014 at 8:44 pm
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    I haven’t mad any decisions, but really need to. It’s top priority for April!

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  • April 4, 2014 at 9:13 pm
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    We have one of these and it is such a help during the year when someone gets sick!

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  • April 4, 2014 at 9:38 pm
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    Thank you for the info about HSAs. I like how unlike a FSA, the HSA lets you roll over any money you don’t spend by the end of the year.

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  • April 4, 2014 at 10:06 pm
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    We have a hsa. We are
    2/3
    Spent on it for 2014 but at least it’s pre tax!

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  • April 5, 2014 at 8:04 pm
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    Getting health care is important but figuring out the cost can be confusing. This really helps break it down.

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  • April 5, 2014 at 9:14 pm
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    AWESOME post!! I have never heard of this, but we just recently got a HSA account through my husbands employer and so far really liking it; will read up a little more, thanks for sharing//// great tips

    Reply

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