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Helping with healthcare expenses
Certain individual health plans, including the HealthPartners Empower individual plan, can be paired with a Health Savings Account (HSA), giving you more control over how you spend your healthcare dollars. You set up your HSA through the financial institution of your choice. HealthPartners can give you information on how to do this.
A HSA is like an IRA for your healthcare. You set aside money in a HSA to pay for eligible out-of-pocket healthcare expenses. For example, you pay all your medical costs until you reach your deductible, but you can use your HSA to reimburse you for these costs.
A number of investment options can help your HSA money grow. Best of all, any money that's left over at the end of the year gets rolled over into the next year. So there's no risk that you'll lose your hard-earned dollars.
The many advantages of HSAs
There are many reasons people decide to use HSAs for their health expenses:
- Tax savings. Reduce your taxable income by contributing to your HSA. Your savings grow tax-free, and withdrawals for qualified medical expenses are also tax-free.
- Control. You decide how much to contribute and how to spend it.
- Flexibility. Use your funds to pay current medical expenses or save for future needs.
- Family friendly. Pay expenses for your spouse and dependent children, even if they're not covered by the HealthPartners Empower individual plan.
- Funds are never lost. Carry over unused funds year to year and build savings over time.
- Take it with you. The money you save in a HSA is yours. You can take your unused balance with you wherever you go.
See a list of qualified reimbursable expenses >
Getting reimbursed
Different financial institutions have their own processes for HSA reimbursement, so check with yours for more information.
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