This website provides helpful tips including: If you are looking for specific information on how an HSA works, visit the IRS website. HSA plans are linked to higher deductible versions of plans you are already familiar with such as HMO and POS plans. Tax-free withdrawal for qualified medical expenses.The funds can also be invested once the balance reaches a certain threshold. Tax-free interest and earnings on HSA investments-funds are initially deposited to an interest-bearing account.Tax-free contributions to your account-you can decide how much to contribute, up to the IRS maximum.In fact, as long as you use your HSA funds for qualified medical expenses, you are never taxed on those funds. HSA tax savingsĪn HSA provides you triple tax savings. Even if you change health plan coverage and are no longer eligible to contribute to an HSA, you may continue to use your existing HSA funds. There is no "use it or lose it" provision. You own and control the money in your HSA.** Funds remain in your account from year to year. Once you meet your annual deductible, your CareFirst coverage begins. These include routine physicals, well-child care and certain cancer screenings, as well as the lab tests associated with these preventive visits. In-network preventive services are not subject to the deductible. With a CareFirst BlueCross BlueShield HSA plan such as BlueChoice HMO HSA/HRA Gold 1500 90 or BlueChoice Advantage HSA/HRA Gold 1500 90, you are responsible for the full cost of your medical coverage until you meet your annual deductible. A medical savings account called an HSA.A medical plan that meets certain IRS criteria*.Long-term care expenses and insurance premiumsĪ CareFirst BlueCross BlueShield Health Savings Account (HSA) plan has two main components:.Out-of-pocket expenses when covered by Medicare.Health insurance or medical expenses if unemployed.Dental and vision care, including prescription eyeglasses.Some over-the-counter medications like pain relievers, allergy relief, cough suppressants, etc.HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis. An HSA is a tax-exempt medical savings account that can be used to pay for your and your dependents' eligible medical expenses.
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