Health Savings Accounts

A Health Savings Account (HSA) allows you to set aside tax-free money for select medical expenses, such as prescription and nonprescription drugs, insurance deductibles, eyeglasses and other medical costs. After enrolling in a high-deductible plan like BlueSaver, new Internal Revenue Service rules allow you to deposit annually into your HSA on a tax-free basis up to $2,900 for an individual policy and $5,800 for a family policy. You can withdraw funds tax-free for medical expenses, and funds in the HSA account that are not used for medical expenses can accumulate tax-free from year to year until retirement. You can also withdraw funds for non-medical use; however, funds are includible in gross income and are subject to an additional tax of 10 percent. The 10 percent additional tax does not apply if the distribution is made after death, disability, or the individual attains the age of Medicare eligibility.

I can help you can set up an HSA that works directly with your BlueSaver benefits. Contact me to see how we can begin to save you money.