Health Savings Account
What is a Health Savings Account (“HSA”)?
When people talk about Health Savings Accounts (HSA), they are really referring to two seperate products:
- High Deductible Health Plan (HDHP)–the insurance policy.
- Health Savings Account—a tax deferred savings account you open at your local bank.
You set money aside in you Health Savings Account to cover every day doctor visit for sickness or injury. When you go to the doctor or hospital, you get the network discount for having insurance. The discounts range from 50% to 80%. Pay the bill with tax free money from your Health Savings Account.
Preventative care services are covered 100% by the insurance company.
Once you doctor or hospital bills reach you annual deductible, the insurance company begins paying benefits.
