Health Savings Accounts (HSAs) are designed to cover individual and family medical expenses. Benefits include tax savings, convenience, and dividend potential.
HSAs provide tax savings as contributions are tax-deductible. (Always consult a tax professional for complete guidance on the benefits of a Health Savings Account.) Earn tax-deferred dividends on tiered balances. The higher your balance the more you earn!
HSAs are not a “use it or lose it” product. Monies not used for qualified medical expenses can remain in the account indefinitely and may even supplement your retirement. Additionally, you can take it with you should you change jobs or relocate.
MMCCU HSAs are checking accounts. Write checks at your doctor’s office, pharmacy or anywhere else you make medical payments or purchases. Just be sure to keep good records to assist with preparing your annual tax return. IRS Info
For more information give us a call at 715-387-8686 or visit the IRS website on Health Savings Accounts.