Health Savings Accounts (HSA)

A Health Savings Account (HSA) can help you save money on unavoidable expenses and build investment savings for your retirement.

By making you a part of the medical services decision process, Health Savings Accounts are designed to help you manage medical expenses and reduce the ever-increasing cost of health care. Account funds are used to cover medical expenses before the plan annual deductible has been met. Once the deductible has been met, coverage resembles conventional insurance, typically in the form of a preferred provider organization (PPO) with little-to-no cost sharing for in-network services, and limits on total out-of-pocket costs. Unspent account balances accumulate and accrue interest from year-to-year—unlike amounts in Flexible Spending Accounts which are forfeited if not used by the end of the year.

Equally as important, if you don’t use all the money in your HSA for medical expenses, it can accumulate as tax-free savings for your retirement. Any money you save remains part of your account, even if you leave your present employer. By continuing to save the money, your account can grow through investment earnings, tax free, similar to an IRA. This can be an attractive supplement to an existing 401(k) plan.

As one final benefit, HSAs can now pay for many more procedures than were ever allowed before by government sponsored programs.

Apple Insurance Services offers free, comparative quotes on health savings accounts from multiple insurance carriers so you can get the best possible rate.

Want to see how much we can save you? Just request a quote to find out.