Get the most out of your health care with Western Health Advantage's HSA-compatible plans and your HSA.
Your health savings account with your financial institution (otherwise known as an "HSA"), combined with your HSA-compatible plan from Western Health Advantage, lets you save serious money on top-quality healthcare for you and your family - while enjoying the benefits of tax-free savings and investing.
Here are some key points about an HSA3:
An HSA is like a medical checking account and an individual retirement account (IRA), all in one. Funds contributed to your HSA stay with you even if you change coverage, insurance carriers or employers.
There are three major tax advantages to an HSA :
- Contributions to your HSA are tax free.
- Interest on the money in your HSA grows tax free.
- Withdrawals for qualified medical expenses are not taxed.
Your HSA-compatible plan and HSA provide you significant advantages1:
|HEALTH CARE SAVINGS||FINANCIAL BENEFITS|
|Pay lower monthly premiums
||Pre-tax deposits lower current tax liabilities|
|Take control of your annual health care expenditures||Your HSA funds grow tax free|
|Get 100% coverage for all medical and prescription expenses once you reach your out-of-pocket maximum||Your withdrawals for qualified medical expenses are tax free2|
|Enjoy preventive care services at no cost to you||Your HSA savings are yours to keep even if you change employers or health plans|
NOTE: If you choose to use your HSA funds for non-qualified medical expenses - like a massage or new TV - these withdrawals will be subject to taxes and penalties.4