How To Make The Most Of Your HSA
06/02/2023
Let’s face it: you don’t plan to sprain your ankle, have sudden tooth pain, or suddenly find yourself squinting to read your newest book, but these things happen. Having a Health Savings Account can provide you some peace of mind when the unpredictable happens.
An HSA is a great way to invest in your health so you can pay for medical and healthcare expenses that aren’t covered by your insurance. Your HSA can be helpful for more than paying for prescriptions and doctor visits, though. With rising healthcare costs in America, it’s more important than ever to make the most of your HSA.
TAKE ADVANTAGE OF TAX BENEFITS
HSAs offer multiple tax benefits. You’re not taxed when you put money into your HSA, the money there grows tax-free, and you aren’t taxed when you take money out to pay for medical expenses.
Plus, the contributions you make to your HSA can lower your tax bill by reducing your taxable income.
CONTRIBUTE THE MAXIMUM AMOUNT
Every year, the Internal Revenue Service sets contribution limits for HSAs. HSAs carry over from year to year, so if you contribute the maximum amount every year, you’ll be prepared for your regular medical expenses along with unexpected healthcare costs. Think of it like an emergency savings account, but specifically for your health. As long as your medical costs qualify, you can use these savings as needed.
USE ROADSIDE ASSISTANCE
Not only will your HSA give you peace of mind about being prepared for medical expenses, it can give you peace of mind about some emergencies on the road. When you open an HSA with INOVA, you get an HSA Visa debit card that comes with Roadside Dispatch, a pay-per-use roadside assistance program. This service is available 24/7, so whether you’re locked out of your car, need fuel, or need a tire changed, it will all be arranged for you when you call 1-800-847-2869.
OPEN YOUR HSA
Make an investment in your health and open an HSA with INOVA Federal. Our HSAs offer premium rates, no monthly service charge, convenient access to your money when you need it, an HSA Visa debit card, and Roadside Assistance.
Open an HSA online today, or learn more by stopping into one of our convenient locations.