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Shoppers frequently utilize medical care and reach their health plan deductible. A single unexpected medical event or just frequent minor incidents can lead to increased medical costs. An HSA can help Shoppers save now and position themselves to build savings in years with less medical attention.
If you aren't contributing at least the amount you spend on health care, you essentially leave money on the table for the IRS. At the very least, deposit funds into your HSA before you pay a bill and gain the tax benefits of the HSA deposits.
HSA-qualified plans cost less than traditional health plans. With a traditional plan, Shoppers pay a high premium for benefits, whether they use them or not. The resulting savings can be used to fund an HSA with tax-free* dollars.
As a high medical care user, you likely have significant prescription needs. With an HSA-powered plan, any funds used for these prescriptions count toward your medical deductible. This is usually not the case with a traditional plan, which typically has a separate prescription plan and deductible.
*Note regarding tax-free statements:
HSAs are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Also, most states recognize HSA funds as tax-free with very few exceptions. Please consult a tax advisor regarding your state's specific rules.
Survivor
Survivors may be dealing with a lingering health concern.
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Saver
Savers seek opportunities to reduce their tax liability and maximize earning potential.
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Minimalist
Minimalists are most likely able to enjoy a healthy life, with little medical expenses.
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Make the most of your HSA dollars by selecting the appropriate level of medical service. A visit to the ER can cost three to seven times more than a visit to an urgent care facility. Furthermore, an appointment made with your primary physician will be typically less expensive than a visit to the urgent care.
Generic prescriptions can cost 30 - 80% less than their brand equivalent. Ask your provider about generic prescription options. Additionally, your health plan may offer a prescription price comparison tool.
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