Health Saving Account- An Overview

HSA or Health Savings Account is a kind of savings account in which an individual can keep the money which can be used to qualified medical expenditures. The best thing about these accounts is that they give tax advantage to the owner. This means that the HSA funds are not subject to income tax. An individual can keep on depositing money year after year even if the funds remain unused. An individual can use this untaxed amount to pay co-payments, deductibles, coinsurance, etc. this results in a reduction of the overall medical costs.

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Eligibility:

Health Savings Accounts work only in the presence of HDHP (Health Deductible Health Plans). HDHP plans are those plans in which deductible for an individual is equal to or more than $1350 and for a family is $2700. An individual can buy any of HDHP plans online. Similarly, there are number of online sites which offer HSA’s. its is always advisable to select a trustworthy company.

livelyme Health Saving Accounts are absolutely free. moreover, individual doesn’t need to worry about the security of their funds as the accounts offered by the company are highly secure. The best part is the account can be opened in just 5 minutes.

The owner of the HSA can maintain their account digitally. Be it for an employer or employee, livelyme.com HSA’s are for everyone.  There are many companies which charge customer’s HSA with various kinds of fees. Well, this is not the case with Livelyme, the company has no hidden charges. Its is very transparent in its dealings.

HSA has become a basic need for individuals. These accounts not only offer tax benefits but also makes an individual financial stable as far as medical emergencies are concerned. Individuals also earn an interest on the HSA funds. Having an HSA account is a win-win deal for a taxpayer.