What is a Health Savings Account? HSA Explained for Dummies
Автор: Debt Free Millennials
Загружено: 21 авг. 2020 г.
Просмотров: 212 008 просмотров
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A health savings account is a great way to set aside money to pay for medical expenses throughout the year. But how do they work exactly? Here's a breakdown of health savings accounts - HSA explained for dummies!
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🎬 NOTES FROM VIDEO
A health savings account is a savings account where you can set money aside on a pre-tax basis to pay for qualified medical expenses.
A health savings account typically comes with a HDHP - high deductible health plan. So your deductible is going to be higher and your premiums will be lower. Most plans will cover 100% of your costs after you hit your deductible - but the deductible is high.
An HSA is not a substitute for health insurance but it comes with it in an HDHP.
Benefits of a health savings account
https://www.cnbc.com/2019/06/03/these...
Set aside money pre-taxed for medical expenses. So just like a 401k, you contribute money from your paycheck pre-tax which reduces your taxable income for the year.
Earnings in an HSA grow tax free. Contributions and interest accrues tax free.
You can withdraw money tax-free when it's used for qualified medical expenses.
You can take the HSA with you if you leave your employer
The money does not "expire" like a flexible spending account. It keeps accumulating and you can still use it years later, even when you retire.
Cons
Might not be right for someone who has a chronic illness or requires expensive medications - the deductible is high therefore you're paying more out of pocket
The contribution limits are capped
Depending on your plan, you might still have a copay after you reach your deductible limit.
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