Insurance Consultants of Central Florida

Health Savings Account

By combining a high-deductible health plan with tax-advantaged personal savings, a Health Savings Account
offers you these advantages:

•	The high-deductible health plan provides protection against the financial impact of a serious illness or injury.
•	Tax-deductible savings are set aside today in a Health Savings Account to pay for future health care expenses, including the high-deductible health plan's deductible and out-of-pocket expenses.
•	You own your Health Savings Account and you decide how to invest your HSA contributions.
•	You control when and how HSA funds are spent.
•	As needed, tax-free HSA distributions can be used to pay for qualified medical expenses not covered by the high-deductible health plan.
•	If you need little or no health care, the unspent funds remain in your HSA and accumulate tax free.
•	You can spend the funds in your HSA as you choose. In fact, if not needed to pay future medical expenses, HSA funds can be withdrawn and used for any purpose (subject to income tax and a 10% penalty tax if under age 65).
•	Funds may be rolled over (transferred) tax free from one HSA to another HSA.
•	You may be able to roll over funds from an unused flexible spending account (FSA), health reimbursement account (HRA) or an IRA into an HSA, making additional funds available on a tax-advantaged basis to pay the plan's deductible or qualified medical expenses not covered by the high-deductible health plan.