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A health care plan combining cost savings with flexibility
A Health Savings Account (HSA) from Premier Financial Credit Union gives you more flexibility and control over your health care costs. That's because it empowers you to make your own health care decisions.
Use Pre-Tax Dollars to Pay for Future Medical Expenses
You will be able to deduct your contributions to your HSA, and the account earnings will accumulate on a tax-deferred basis. Best of all, distributions from your HSA are tax-free if they are used for qualified medical expenses.
Opening Your HSA
To open an HSA, you must select a High-Deductible Health Plan (HDHP). The deductible must be at least $1,100 for an individual plan and at least $2,200 for a family plan. The major advantage of a high-deductible plan is lower premiums!
Contributing to Your HSA
You must enroll in a high-deductible health plan before you can make HSA contributions. The maximum annual HSA contribution is the deductible under your high-deductible health plan. But the contribution for 2008 cannot exceed $2,900 for an individual plan or $5,800 for a family plan. Your employer's contributions to your HSA are tax-free, and you can deduct your own contributions to your HSA on your income tax return.
Account Access and Investment Options
HSA Transaction Account - Pay for doctor visits, prescriptions, medical equipment and other medical services from your tax deferred Health Savings Account.
HSA Certificates of Deposit - Maximize your earnings by investing in HSA CDs. We offer terms of 3 to 60 months.
Account Balance Is Carried Over
Unlike contributions to a flexible spending account, the balance of your HSA at the end of the year is carried over to the next year. So you're not placed in a position of having to use it or lose it each year.
Protection from Catastrophic Medical Costs
To be coordinated with an HSA in 2008, a high-deductible health plan cannot have out-of-pocket limits which exceed $5,600 for an individual plan or $11,200 for a family plan. The high-deductible health plan provides you with protection from catastrophic medical costs, and the HSA provides you with a source of funds to pay some or all of the costs not covered by the health plan.
Control and Flexibility
An HSA enables you to take control of your health care decisions. And since you are the owner of your HSA, it doesn't matter what your job status is or whether your employer makes contributions to your plan. Your HSA will always follow you.
Health Savings Account Benefits
Protection You will have an opportunity to save money to pay high or unexpected medical bills.
Afford-ability High health insurance policy deductibles mean lower premiums.
Savings Your ability to deduct your contributions and the tax deferral of account earnings enable you to build your account.
Flexibility You can contribute at any time during the year, and your HSA balance rolls over from year to year.
Portability You own the account, so it goes where you go, regardless of any job changes. |
