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HEALTH SAVINGS ACCOUNTS

Maximize Your Health Insurance Savings with an HSA

At Health Trust Financial, we believe in empowering you to take control of your health and financial well-being. One powerful tool at your disposal is a Health Savings Account (HSA). An HSA is a tax-advantaged savings account designed to help you save for medical expenses while benefiting from lower health insurance premiums.

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What is a Health Savings Account (HSA)?

A Health Savings Account (HSA) is a personal savings account that you can use to pay for qualified medical expenses. HSAs are available to individuals enrolled in high-deductible health plans (HDHPs). Contributions to an HSA are tax-deductible, and withdrawals for eligible medical expenses are tax-free.
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Benefits of an HSA

  • Tax Advantages: Contributions are tax-deductible, reducing your taxable income. Additionally, interest earned and withdrawals for qualified expenses are tax-free.
  • Lower Premiums: Pairing an HSA with an HDHP typically results in lower monthly health insurance premiums.
  • Flexibility: Funds can be used for a wide range of qualified medical expenses, including deductibles, copayments, and prescriptions.
  • Portability: Your HSA is yours to keep, even if you change jobs or health insurance plans.
  • Long-Term Savings: Unused funds roll over year to year, allowing you to build savings for future medical expenses.
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How to Qualify for an HSA

To open an HSA, you must be enrolled in a high-deductible health plan (HDHP). Eligibility requirements include:

enrollment-icon Enrollment in an HDHP

Ensure your health insurance plan qualifies as a high-deductible health plan.
No Other Health Coverage No Other Health Coverage

You must not be covered by any other health insurance plan that is not an HDHP.
Not Enrolled Not Enrolled in Medicare

Individuals enrolled in Medicare are not eligible for HSAs.
No Dependents No Dependents

You cannot be claimed as a dependent on someone else's tax return.

Contact Us for details

Dave Ramsey attests to our unquestioned integrity and dedication to serving our clients. You can trust us to go the extra mile to secure affordable health insurance that aligns with your financial goals, including Health Savings Accounts (HSAs) that Dave Ramsey frequently recommends on his show.

Ready to learn more about how an HSA can enhance your health insurance and savings strategy? Contact Health Trust Financial today for a free quote and to get answers to any questions you may have. Our knowledgeable team is here to help you navigate the benefits of HSAs and find the best plan for your needs.

Call us at 855-255-2982 or fill out our Contact Form to get started with your free quote and to ask any questions!

How to Use Your HSA

Using your HSA is simple and straightforward

1
Contribute

Make tax-deductible contributions to your HSA up to the annual limit.
2
Save

Allow your HSA funds to grow over time, rolling over any unused amounts each year.
3
Spend

Use your HSA to pay for qualified medical expenses, either with an HSA debit card or by reimbursing yourself for out-of-pocket costs.

Hear from our customers

4.9 out of 8,060 reviews. ⭐⭐⭐⭐⭐

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Anna Hoaglan 5.0
His knowledge was impeccable. He listened and wasn't in a hurry. Follow up was great too. More than happy to recommend him to anyone!
Chad Bianco 4.2
Met all my expectations. Was a pleasant experience all around. Felt like Mike and his team were honest, a feeling I don't get when dealing with insurance companies.
Sandi Wilson 5.0
He and his team made the entire thing so easy for me. Answered all my questions.
Amber Sharp 5.0
He reached out immediately, was very helpful in helping me understand the process and our options. We were able to go with a plan that saved us $8,500 a year!
Felicia Terry 5.0
It was a quick and easy process.
Chris Garrison 5.0
While I did not make a purchase, I felt that I was informed as to my options. Never felt pressured.
Regina Easton 5.0
Health Insurance is so hard to understand but all my questions were answered and in a down-to-earth manner that made me feel comfortable choosing the right plan for me.
Carla Wilson 5.0
He provided everything I needed to know, and made it super easy to get insurance, and it only took a few minutes. Also, I didn't have to worry about getting a ton of phone calls from different agents. My phone number and other contact info was kept confidential.
Charlie Sumpter 5.0
They answered the phone which was an unusual wonderful surprise for companies nowadays. They were genuinely searching for the best thing for my family, and explaining how the process and plans worked, very clearly. They seemed to actually care and showed kindness and compassion.
Terrie Wright 5.0
He was very knowledgeable and helped me with my insurance questions. He gave me several options and didn't push me to make a decision for coverage. He considered my financial situation and my current coverage. I would highly recommend him to my friends.
Carolene CdeBaca 5.0

I was upset that my large global company gave me COBRA at $1750 a month. I was in shock...I went to Ramsey learned about insurance brokers and called. I cannot tell you how relived I was talking with him and his team. I was able to get affordable insurance and that means everything as a retiree not yet 65. Very grateful!

When shopping for a Health Savings Account (HSA), individuals often have several questions to ensure they understand how HSAs work and whether it's the right choice for their healthcare needs. Here are some common questions

Eligibility and Enrollment

  1. Who is eligible to open an HSA?
  2. Can I open an HSA if I have other health coverage?

Contribution Limits and Tax Benefits

  1. What are the contribution limits for an HSA?
  2. What are the tax benefits of contributing to an HSA?

Qualified Expenses

  1. What medical expenses can be paid for using HSA funds?
  2. Are there any restrictions on what I can use my HSA funds for?

Account Management

  1. How do I access and manage my HSA funds?
  2. Can I invest my HSA funds?

Employer Contributions

  1. Can my employer contribute to my HSA?
  2. Do employer contributions count towards my annual contribution limit?

Unused Funds and Rollover

  1. What happens to unused funds in my HSA at the end of the year?
  2. Do HSA funds rollover from year to year?

Health Insurance Requirements

  1. Do I need to have a high-deductible health plan (HDHP) to open an HSA?
  2. Can I still contribute to my HSA if I change to a different health insurance plan during the year?

Withdrawals and Penalties

  1. What are the rules for withdrawing funds from my HSA?
  2. Are there any penalties for withdrawing funds for non-qualified expenses?

Coordination with Medicare

  1. Can I continue to contribute to my HSA after enrolling in Medicare?
  2. How does Medicare enrollment affect my ability to use HSA funds?

Portability

  1. Can I keep my HSA if I change jobs or health insurance providers?
  2. What happens to my HSA if I leave my job?

Comparison with FSA

  1. What are the differences between an HSA and a Flexible Spending Account (FSA)?
  2. Which is better for me, an HSA or an FSA?