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Lowered Health Insurance Premiums by enrolling in a high deductible health plan. |
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Contributions into your Health Savings Account are 100% tax deductible. |
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Interest earned in the account is tax free and grows tax deferred. |
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Funds in the account can be used tax free for qualified medical expenses. |
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Click Here to see Section 213(d) |
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There are no “use it or lose it” provisions. Contributions to an HSA remain with the |
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accountholder. At age 65, unused HSA funds can be withdrawn for non-medical reasons without penalty although ordinary income tax will be charged at that point. |
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Individuals can also withdraw money from an HSA without penalty to pay for long term care |
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insurance, to continue coverage under COBRA and/or to pay for health plan insurance premiums when collecting unemployment compensation. |
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