Otherwise known as an HSA, a health savings account can be funded with your tax-exempt dollars by your employer, by a family member, or by anyone else on your behalf. Dollars from the account can help pay for eligible medical expenses not covered by an insurance plan, including the deductible, coinsurance, and even health insurance premiums, in some cases.
This article gives a simple overview of health savings accounts, including the following:
- What is a high deductible health plan (HDHP)?
- How does an HSA work?
- When do I use my HSA?
- What is a deductible?
- How much can I contribute to an HSA?
- What is the difference between an HSA and a Flexible Spending Account (FSA)?
- What if I enroll in an HSA in the middle of the year?
- Why should I elect an HSA?
Contact your Leavitt Group insurance advisor to learn more and find out if a health savings account option is right for your organization.