HSAs in Rockville Centre, NY

A health savings account (HSA) can be a powerful tool for managing health care expenses. For individuals, families and employers in Rockville Centre, NY and throughout New York, understanding how HSAs work can make a significant difference in accessing essential medical services, cultivating short-term savings and funding long-term financial plans.

What Is a Health Savings Account?

An HSA is a type of savings account designed to help you set aside money for qualified medical expenses. To open an HSA, you must be enrolled in a high-deductible health plan (HDHP). The funds you contribute can be used for a wide range of health care costs, including doctor visits, prescriptions and various medical procedures.

Key Benefits of HSAs

HSAs offer several advantages for enrollees and businesses, including the following:

• Tax savings—Contributions are made pre-tax, reducing your taxable income. Additionally, interest and investment earnings can grow tax-free, and withdrawals for qualified medical expenses are also typically tax-free.
• Flexibility—Funds can roll over year to year, so you may not have to worry about losing unused money. As such, you can use your HSA contributions for current health care needs or set them aside for a rainy day.
• Portability—The account belongs to you, even if you change jobs or health plans, meaning your funds will remain at your disposal.
• Employer contributions—Businesses can contribute to employees’ HSAs, often providing a valuable benefit that supports workforce health and financial wellness.

Who Can Benefit From an HSA?

HSAs are an integral part of many individuals’ and families’ approaches toward health insurance and many employers’ benefits packages. Specifically, the following parties may benefit from them:

• Individuals and families seeking to manage out-of-pocket health care costs
• Employers looking to enhance their employee benefits package and support employee well-being
• Self-employed professionals who want to save for medical expenses while enjoying possible tax advantages

Learn More

Are you ready to explore how an HSA can benefit you, your family or your business? Contact United Benefit Solutions, LLC today to learn more or get personalized assistance.