Health Savings Accounts
A Health Savings Account, or HSA, can be a valuable tool to help you save money for medical expenses for you and your family. An HSA is a tax-exempt account established specifically for the purpose of paying qualified medical expenses.
Enjoy the benefits of a Health Savings Account:
- No application or set-up fee
- No minimum balance required
- Free account when used with direct deposit
- Interest paid on balances over $1
- Free, no annual fee Smart Debit Card
- Free box of checks
- Free money transfer functions
- No account closure fees
Advantages of a Health Savings Account
Tax Deductible Contributions and Distributions
The money you deposit into your HSA will reduce your taxable income for the year, even if you don’t itemize your taxes. If you make deposits to the account, the money can be 100 percent tax deductible, up to the IRS maximum.
Unused Contributions Rollover
Another advantage is that you are not obligated to use the money you contribute to your HSA each calendar year. The money can remain in the account and earn interest until you need it – whether that’s next month, next year, or in 10 years. At the age of 65, the account can be used as retirement savings or continue to be used for medical expenses, you decide.
To review our SOLO View Plans that are HSA-eligible, click on the link.
SOLO Health Plans are subject to medical underwriting.