Health Savings Accounts (HSAs)
There are two separate parts to setting up a Health Savings Account Plan. First, you will need an HSA
High Deductible Health Insurance plan
such as the Regence BlueShield Bronze HSA, the
LifeWise Silver or Bronze HSA plan or the
Group Health Options Healthpays HSA plan. Second, you have the option to setup a
Health Savings Account where funds are deposited to pay tax-free for items not covered by the health insurance.
The funds in your HSA roll over from year to year.
What is a Health Savings Account (HSA)?
A Health Savings Account is a tax exempt
account with a financial institution in which you accumulate savings to pay for
medical expenses. Contributions are
and income earned on funds in the HSA are 100% tax
free. An HSA allows you to enjoy tax reductions while having
affordable premiums and decreasing your out-of-pocket expenses without risking
your insurance protection.
After you setup your Health
Savings Account with a financial institution, you can use deposited funds to pay
for things like:
✓ Chiropractic, Alternative Care and many other
eligible medical expenses!
Gain three tax advantages with your HSA contributions:
Help fund your retirement! Unused HSA funds accumulate tax-deferred and can be withdrawn at age 65 without penalty.
Finally, Washington residents can combine the tax-favored status of a Health Savings Account with
"high-deductible" health insurance for money saving value!
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