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Investors Health Savings Account

A Health Savings Account (HSA) in conjunction with a high-deductible health plan (HDHP) is a new way to lower your health care costs. It’s a tax-advantaged account that can be used to pay for day-to-day eligible medical expenses. Your HSA is also an excellent way to save for retirement as the money in your account continues to grow tax-free, year after year.

HSA Benefits:
• Tax Savings
– Tax-deductible contributions
– Tax-deferred earnings
– Tax-free withdrawals when used for “qualified medical expenses”

• Long-term Savings – No “use it or lose it”
– Funds remain in the account from year to year
– Funds can be used on qualified medical expenses now or in the future
– No required minimum distributions

• Stays with you – fully portable
– Travels with you, even as you change jobs
– Yours regardless of the insurance provider

• Contribution
– If you meet the eligibility requirements; you, your employer, and any other person may contribute.

• Earns Interest
– The more your balance grows the more interest your money will earn

To Be Eligible:
• HSA’s require coverage under a HDHP. To qualify; your HDHP must meet the minimum annual deductible and maximum out-of-pocket expenses required. Please check with your health insurance provider to see if your health plan meets these requirements as well as the additional requirements listed below:
– You are not also covered by any other health plan that is not an HDHP
– You are not enrolled in Medicare or receiving VA benefits
– You cannot be claimed as a dependent on another individual’s tax return

Investors HSA:
Your HSA works just like a regular checking account. You can either choose to write a check or obtain an HSA debit card to pay for qualified medical expenses. Statements can be viewed online, and you’ll receive a year-end report for tax purposes. Your account features:
• No Minimum Balance
• Checks and/or Debit Card
• Internet Banking access
• Monthly e-Statements
• Earn Interest
• Year-End Report


HSA Owner Responsibilities and Reminders:
• You determine your allowable annual HSA contribution
• You track and determine whether you have qualified medical expenses
• You are responsible for savings receipts and maintaining records which support the eligibility of your withdrawals

A complete list of eligible expenses is available at: www.irs.gov/pub/irs-pdf/p502.pdf



Page Last Updated 09/29/2014