Posted: 7/9/2013 07:29
Health Savings Accounts
A Tax Advantage To Offset Health Care Expenses
A Health Savings Account, or HSA, is designed to help members or members and their families who are covered by a High Deductible Health Insurance Plan (HDHP) to take advantage of possible tax savings. HSAs are IRA-like accounts that are designed to cover medical expenses incurred by the HSA account owner, the account owner’s spouse and his or her dependents. HSA contributions are deductible and, if amounts are used for qualified medical expenses, distributions of principal and earnings are tax free.
What are HSAs' benefits?
HSAs can provide significant tax benefits to eligible individuals. Not only can HSAs provide tax benefits related to paying qualified medical expenses, they may also provide benefits similar to many tax-favored retirement plans.
| Health Savings
For more information regarding PLCU’s Health Savings Accounts, please contact our Call Center at (858) 495-3400. Frequently Asked Questions regarding HSAs can be found on the US Treasury’s website at http://www.treas.gov/offices/public-affairs/hsa/faq.shtml.
* Annual Percentage Yields are anticipated rates and are accurate as of 11/28/14.