The Health Savings Account (HSA) was created by Congress to provide a tax-benefited savings account for future medical expenses.
Certain high-deductible health insurance plans are considered “HSA-compatible” and allow you to open up one of these accounts. In many ways, HSAs are similar to IRAs – money contributed is a year-end write-off, interest grows tax-free and at age 65 money that has accumulated can be withdrawn for any reason simply by paying a tax. HSAs are a key component to WellnessMart’s philosophy on health insurance because they allow you to save some of the money you save on premiums and use it – tax-free – on the services that you need. We work with American Health Value, an industry leader in health savings account administration.
