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Proven Benefits of Health Savings Accounts: Why You Need One

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Health savings accounts (HSAs) are a type of personal savings account. HSAs cover certain medical expenses for you and your qualifying spouse and dependents. Paired with high-deductible health plans (HDHPs), HSAs make healthcare accessible and affordable. HSAs work by holding the funds you contribute until you need them. The contributions you make to your HSA are tax-exempt and pre-taxed. These tax rules lower your healthcare costs overall. So why do you need an HSA?

Protect your family’s health

Ultimately, an HSA makes it easier and more affordable for you and your family to access healthcare. You can contribute up to $3,650 for a self-only plan or $7,300 for a family plan, then use those funds for medical expenses. Instead of worrying about the bill for an office visit or new medication, you can focus on getting well or helping your children recover.

Protect your family’s financials

HSAs are a financial management tool for people with HDHPs. HDHPs have low monthly premiums but higher deductibles for medical expenses. With an HSA, you set aside money to make these payments if and when they come up. The best part is that these contributions roll over each year so that you can save even more for unexpected expenses. HSAs help you manage the financial uncertainty of medical costs.

Protected, Reliable Purchases: What Can I Buy With An HSA?

People typically use HSAs for medical expenses like copays and deductibles on prescription medications, medical visits, and testing. But you can purchase other health-related items with your HSA funds, too! Some popular HSA purchases include:

  • Acupuncture visits and treatment
  • Ambulance trips
  • Dental procedures
  • Hearing aids
  • Mental health therapy
  • Psychiatric care
  • Certain long-term care

Learn more about frequently asked HSA questions. And when you’re ready to protect your family’s health and financial future, contact us to find out about your eligibility, contributions, and more. Our trusted Horizon Bank advisors look forward to helping you and your family! 

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