What is HSA Information and Where Can you Access it?
A health savings account is a savings account that is tax free and helps you save up for health related medical expenses.
Individual contributions up to $3,050 for a single person and $6,150 for families, is allowed legally. There are a number of costs that are normally not covered by the health insurance policy but are covered under an HSA.
Here are such costs that are covered by an HSA:
- Dental expenses, which cover braces too, and you have the option of choosing from a wide number of dentists.
- Alternative methods of treatment like Ayurveda, Homeopathy, Chinese medicines also form part of the HSA cover provided.
- Transportation charges that are related to health care are also covered.
- There are certain non prescription drugs like aspirin that form part of the cover.
HSA savings accounts will help you save on income tax and and insurance premiums. Contributions to the account which are not utilized also belong to you as an individual.
Contact us at Financial Center of Indianapolis for your questions about an HSA account.