p.314.892.2456 | f.314.785.7500 | info@wellsfs.com | 4729 Brookton Way | St. Louis, Missouri, 63128
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To see if an HSA Plan is right for you, call 314.892.2456 to discuss options and benefits for your situation. Please contact us: 314.892.2456 or EMAIL for questions or to set up an appointment.
Wells Financial Services - Health Savings Account Plans
An HSA Insurance Plan can be summed up in 3 easy steps:
1. A low cost, high deductible HSA insurance plan that works in conjunction with a health savings account. Monthly premiums will be much lower due to the higher deductible.
2. Open an HSA savings account. Once your HSA insurance plan is in force, you can open the actual savings account at any qualified financial institution. An HSA is similar to an IRA. Deposits are tax deductible and withdrawals can be made on a tax-free basis to pay for medical expenses. Annual limits are imposed on the amount contributed.
3. Supplemental retirement funds. In general, you should be able to fund the account primarily with “extra dollars” you otherwise would be using to pay for a higher cost health plan (with a lower deductible, co-pays, etc.). In addition, a typical family will save about $1,600 a year in taxes by contributing to their health savings account. Funds left over at year’s end “rollover” from year to year and accumulate toward retirement on a tax-favored basis —just like an IRA.
1. A low cost, high deductible HSA insurance plan that works in conjunction with a health savings account. Monthly premiums will be much lower due to the higher deductible.
2. Open an HSA savings account. Once your HSA insurance plan is in force, you can open the actual savings account at any qualified financial institution. An HSA is similar to an IRA. Deposits are tax deductible and withdrawals can be made on a tax-free basis to pay for medical expenses. Annual limits are imposed on the amount contributed.
3. Supplemental retirement funds. In general, you should be able to fund the account primarily with “extra dollars” you otherwise would be using to pay for a higher cost health plan (with a lower deductible, co-pays, etc.). In addition, a typical family will save about $1,600 a year in taxes by contributing to their health savings account. Funds left over at year’s end “rollover” from year to year and accumulate toward retirement on a tax-favored basis —just like an IRA.
