Health Savings Accounts (HSAs)


Health Savings Accounts (HSAs) are special tax-advantaged bank accounts available to people enrolled in a high-deductible health plan. There are 2 major benefits available to those taking advantage of this excellent opportunity:


  1. A Health Savings Account allows you to pay for your out-of-pocket medical expenses with tax-deductible dollars—and that means just about everything including eye glasses, dental crowns and implants, orthodontia, prescription drugs, and psychological intervention.

    All medical, dental and vision insurance policies  available today contain deductibles, co-pays, co-insurance (where you typically pay 20-40% of your claims), limitations or medical expenses which simply are not covered. The costs for these out-of-pocket medical, dental and vision expenses can be considerable.

    PLEASE NOTE: If you itemize deductions, you are only allowed to claim medical expenses which exceed 10% (starting in 2017) of your adjusted gross income — a requirement few people ever meet.


  1. The funds deposited into your Health Savings Account and not used roll over to the next and subsequent years which offers 2 major advantages:

    • The ability to continue growing your balance gives you the opportunity to be prepared for future large out-of-pocket medical expenses such as orthodontia, dental implants, psychological intervention or expensive, non-formulary prescription drugs.

      At age 65, whatever monies you haven’t spent on medical expenses can be withdrawn as retirement income.

In my opinion, there is no better value in health insurance today.