UnitedHealthcare Health Savings Account
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Defining UnitedHealthcare
Health Savings Accounts |
What
is an Health Savings Account (HSA)?
A Health Savings Account (HSA) combines high deductible
health insurance with a tax-favored savings account. Money in
the savings account helps pay the deductible. Once the
deductible is met, the insurance starts paying. Money left in
the savings account earns interest and is yours to keep.
A Health Savings
Account offers:
-
Tax-deductible
Contributions
to the HSA are 100% deductible (up to the legal limit) —
just like an IRA.
-
Tax-free
Withdrawals to
pay qualified medical expenses, including dental and vision,
are never taxed.
-
Tax-deferred
Interest
earnings accumulate tax-deferred, and if used to pay
qualified medical expenses, are tax-free.
-
HSA
money is yours to keep
Unlike a
Flexible Spending Account, unused money in your HSA isn’t
forfeited at the end of the year; it continues to grow,
tax-deferred.
Why High Deductible Health
Insurance?
To get the benefits of
an HSA, the law requires that the savings account be combined
with high deductible health insurance. High deductible health
insurance costs less than traditional $250 or $500 deductible
coverage, because the insurance company doesn’t have to process
and pay claims for routine, low-dollar medical care.
How Does
an HSA Work?
An HSA works in conjunction with
high deductible health insurance.
Your HSA
money
can be used to help pay the health insurance deductible and
qualified medical expenses not covered by the health insurance,
including dental and vision.
Any funds you withdraw for
non-qualified medical expenses will be taxed at your income tax
rate plus 10% tax penalty if you're under 65.
If you meet
the deductible with covered expenses, the
health insurance pays remaining covered
expenses in accordance with the terms and conditions of your
particular plan
What are the
benefits of an HSA?
High Deductible Health Plan:
- Costs less than more
traditional copay plans
- Provides quality health
insurance
HSA Savings:
- Used to meet your
deductible
- Tax deductible off of
gross income
- Grow tax deferred
- NEVER taxed when used
for qualified medical expenses
- Roll over year after
year -- no "use it or lose it"
- Portable, also goes
with you
HSA
Savings Can Also Be Use For:
- Health premiums when
you're between jobs
- Qualified long-term
care premiums
- Health premiums after
age 65 (but NOT Medicare supplements)
- Living expenses --
after age 65 -- pay ordinary income taxes
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