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Health Savings Account

HSA's are set up to assist your employees on using pre-tax funds to pay for any medical, dental or vision expenses they may incur for the year.  This helps with individuals being more proactive in their health care. They can help you save money and conveniently pay for health care costs with tax benefits to you.  When you elect this service, the money is coming out pre-tax, saving you a lot of money.  You can budget how much you contribute and any unspent dollars will roll over each year. The balance you end with each year will roll over to the next year, also accruing interest. It is always a good idea to check if your employer contributes to your HSA account as well, giving you additional free money.  

An HSA is a good option for someone who is generally healthy.  If you have a high deductible health plan insurance and you are able to come up with a reasonable estimate of your expense for the next year, you could potentially save a great day of money. Also, if you have a chronic condition, but know your annual expenses and are able to budget enough money to cover those expenses, an HSA can also be a good fit for you. 

Discussing whether or not an HSA is a good fit for you with your broker is the best option.  They can bring to light anything you may not be thinking of.  You want to ensure you are making the best decision for you and your family.

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