A Health Savings Account gives you every advantage in saving for future health care expenses. Established by federal legislation, HSAs have been called the "Medical IRA" because they offer tax advantages on all contributions, interest and qualified withdrawals."
If you have a qualified high deductible medical plan, you can use an HSA to get:
Greater control over your health care dollars. You withdraw your funds when you need them. Withdrawals are tax-free and penalty-free when made for qualified expenses.
Funds for a broader range of health care services.
Pay for covered expenses that apply toward your deductible.
Pay for qualified medical expenses that your health plan doesn't cover, such as:
Contact lenses
Dental and orthodontic services
Certain types of alternative medicine
Long-term care insurance
Tax advantages. Contributions are tax-deductible, earnings are tax-deferred, and qualified withdrawals are tax-free.
A retirement income supplement. At age 65, accumulated funds can also be withdrawn for medical expenses not covered by Medicare - tax free. Funds for non-qualified expenses are subject to income tax.
Shawn J. S. Vuocolo Health Benefits Specialist Group and Individual
570-323-3600
Here's how you start and maintain your HSA
Choose an HSA administrator.
Set up your HSA. Your agent can walk you through the simple process.
Make tax-deductible contributions. With single or family coverage, you can contribute up to 100% of your deducible amount annually. The maximum contribution allowed is either 100% of your deducible or $2,600 for an individual, $5, 150 for a family - whichever is less.
Watch your account grow, tax-deferred.
Withdraw funds for qualified expenses, tax-free and penalty-free, whenever you choose.
Fischer Insurance Agency 1735 East 3rd Street
Williamsport, PA 17701
