So you went through the arduous work of switching to an HSA qualified High Deductible Health Plan (HDHP). You love the lower health insurance premiums these plans offer. However, life happened and you didn’t get around to setting up your Health Savings Account (HSA). Now you are sitting there with a medical bill you need to pay for, and you remember the triple tax advantaged HSA account that allows you to pay for HSA qualified eligible medical expenses with tax deductible money.
Unfortunately the HSA account needed to be established BEFORE the expense was incurred, or else it is not eligible for tax free withdrawal out of your HSA.
For all you procrastinators out there, here’s my advice… take 5 minutes and set up your HSA with HSA Bank. They have no setup fees and offer very competitive interest rates along with thousands of investment options.
HSA Bank was one of the very first financial institutions that recognized the importance of Consumer Driven Health Plans. They opened their first Medical Savings Account in 1997. They currently have nearly 400,000 HSA accounts holding over $1 billion in HSA deposits.
Nobody knows for sure how many people are eligible to set up an HSA and have yet to do so. It only takes a few minutes and it could save you a lot of money on your next tax return.
We had the privilege of interviewing several HSA Bank executives recently on Insurance Talk.