Search
  • Liz Trimble

HSA 101

Updated: Nov 5, 2019

What’s an HSA and is it Right for You?

Health savings accounts (HSAs) have grown tremendously in popularity over the past few years. You’ve probably heard of them or maybe your employer offers one. This memo will uncover answers to common questions you may have about HSAs.


What’s an HSA?

A type of savings account that allows you to set aside money on a pre-tax basis to pay for qualified medical expenses.


Can anyone get an HSA?

In order to open an HSA, an individual must first enroll in a qualified high deductible health plan (HDHP).


I’ve heard HSAs have triple-tax advantages, what are they?

1. Contributions are tax free.

2. Contributions can be invested and grow tax free.

3. Withdrawals aren’t taxed, if used for qualified medical expenses.


If I change employers, what happens to my HSA?

HSAs are completely portable for employees, meaning you may take it with you if you change employers.


Do I lose my HSA funds at the end of the year?

No. The balance can grow and carry from year to year and can also be invested.


What can I pay for with my HSA?

Generally HSA funds can be used to pay for anything that your insurance plan considers a “covered charge,” including charges not paid by your health insurance because they were subject to a co-pay, deductible or coinsurance.


0 views

Grant M. Trimble

RPAG Logo.jpg
Fi360 logo.jpg

Trimble Investment Group

6800 College Boulevard, Suite 630 

Overland Park, Kansas 66211

913-890-8767

Connect with us:

  • LinkedIn Social Icon

Investment advisory services provided through V Wealth Advisors LLC, a registered investment advisor doing business as "Trimble Investment Group."

 

All content on this site is for information purposes only and should not be considered investment advice.  Material presented is believed to be from reliable sources and no representations are made by our firm as to another party’s informational accuracy or completeness. 

 

Neither the firm nor its representatives provide tax or legal advice and nothing herein should be construed as such.  Always consult with your tax advisor or attorney regarding your specific circumstances.

Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it authorizes use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.

V Wealth Privacy Policy

Client Relationship Summary

©2019 by Trimble Investment Group. Proudly created with Wix.com