Congress recently passed a Medicare Bill which offers a hidden treasure for consumers under the age of 65 who purchase their own health insurance. Health Savings Accounts (HSAs) are a victory for such consumers - here’s why:

1. Significantly lower health insurance costs. Health Savings Accounts (HSAs) allow consumers to switch from an expensive, traditional plan with doctor co-pays and drug cards to a high-deductible plan with far lower monthly premiums.

2. Triple tax advantage – previously only available to a select few. The money saved on premiums can be contributed to a new Health Savings Account (HSA) and used TAX FREE to cover deductibles and other qualified medical expenses not covered by the insurance plan.

The best part is the triple tax advantage. Here’s how it works:

a. Money contributed to the account is tax deductible*. It’s simple to claim the deduction with or without itemizing taxes.

b. Money and interest in the savings account can be used tax-free. If used to pay the deductible or for qualified medical expenses not covered by the insurance plan (like office visits, dental and vision), it will not be taxed.

c. Leftover accumulated money can be used to help fund retirement. Contributions and tax-deferred interest build a retirement fund that can be withdrawn at the age of 65 without penalty. However, income taxes will be assessed if the money is withdrawn and not used for qualified medical expenses.

3. Better coverage with more control of health insurance dollars than your customers have today. The combination of the high deductible plan with the tax-advantaged health savings account gives your clients an affordable and flexible means to buy exactly the coverage they want.

For additional information about the benefits of HSAs, call 678-546-7890.