Health Savings Accounts
Minnco has added Health Savings Accounts (HSAs) to its growing list of product offerings. The popularity of HSAs continues to grow as the cost of insurance premiums continue to head skyward. HSAs, used in conjunction with high-deductible health plans (HDHP), provide a way to save money for medical-related expenses tax-free.
If you have an HDHP, either as a self-employed or through your employer's health insurance program, consider opening up a HSA with Minnco. A Minnco HSA pays dividends on your entire balance. In addition, there isn't a minimum balance requirement.
You have convenient access to your account through the use of checks or a Minnco HSA Check Card. For more information on HSA savings account, click here or talk to one of our friendly Member Services representatives.
Use pre-tax dollars to pay for future medical expenses.
You will be able to deduct your contributions to your HSA, and the account earnings will accumulate on a tax-deferred basis. Best of all, distributions from your HSA are tax-free if they are used for qualified medical expenses.
Opening your HSA.
To open an HSA, you must have a high-deductible health plan. The major advantage of a high-deductible plan is lower premiums.
Account balance is carried over.
Unlike contributions to a flexible spending account, the balance of your HSA at the end of the year is carried over to the next year. So you're not placed in a position of having to "use it or lose it" each year.
Protection from catastrophic medical costs.
The high-deductible health plan provides you with protection from catastrophic medical costs, and the HSA provides you with a source of funds to pay some or all of the costs not covered by the health plan.
Control and flexibility.
An HSA enables you to take control of your health care decisions. And since you are the owner of your HSA, it doesn't matter what your job status is or whether your employer makes contributions to your plan. Your HSA will always follow you.
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We can explain your options, answer any questions you may have and help you open your Health Savings Account!
Click here for Frequently Asked Questions!
Click here to see the IRS Publication 502.
Here you will find qualified medical and dental expenses.