HEALTH SAVINGS ACCOUNT (HSA)
Have a Flexible Spending Account (FSA) instead?
Similar to FSA, It’s a type of savings account that lets you set aside pre-tax money to pay for qualified medical expenses. Unlike FSAs, health savings accounts are NOT restricted by end of the year deadlines and remaining funds from each year roll over the next.
WHAT’S HSA CARD?
HSA card comes in a form of a debit card that allows you to access the pretax money in your health savings account to help cover the cost of qualifying medical products.
WHAT ITEMS ARE HSA ELIGIBLE?
Almost all diabetes supplies and related medical products are eligible for HSA, however there are some exceptions. Similar to FSA, you can use HSA to pay for health products as long as they meet the IRS requirements.
WHY SHOULD I USE HSA?
In plain words a health savings account (HSA) can lower your overall health care costs and reduce your taxes. HSA has several other advantages including carry-over savings, investment, and broader coverage.