Maryland Health Savings Account (HSA) Services

Gain control over your healthcare expenses by setting up a Health Savings Account (HSA). The decision on how you spend your money on your health is in your hands. A Health Savings Account is a tax-favored account set up exclusively to pay certain medical expenses of the account owner, spouse and dependents.

A Health Savings Account comes with the following stipulations:

  • Health Insurance coverage must be provided under a high-deductible health plan.
  • Qualified contributions by the account owner are deductible from gross income and growth inside the account is not taxed.
  • Distributions to pay for qualified medical expenses are received income tax-free.
  • Funds not used during one year can be held over and used to pay qualified medical expenses in alter year even if no further contributions are permitted.

Similar to an Individual Retirement Account (IRA) or Archer Medical Savings Account (Archer MSA), an HSA is owned by an individual and is thus portable. If an individual changes employers, the HSA moves with the individual and does not stay with the former employer even though that employer may have contributed to the HSA .

To learn more about the benefits of a Health Savings Account and to find out if this option is right for you, contact Planning Needs Financial Group to speak with one of our experienced Financial Planning professionals.

 

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