Minimalists and their dependents are most likely able to enjoy a healthy life, with little medical expenses. They look for ways to minimize their health insurance costs, while still maintaining a safety net for unexpected life events.
By using your HSA for qualified medical expenses, you are able to enjoy tax savings three different ways:
HSA-qualified plans cost less than traditional health plans. With a traditional plan, Minimalists pay a high premium for benefits, whether they use them or not. The resulting savings can be used to fund an HSA with tax-free* dollars.
Remember, preventive care is covered 100% by all health plans, including HSA-powered plans. Your yearly exams and certain procedures are paid for by your health plan.
*Note regarding tax-free statements:
HSAs are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Also, most states recognize HSA funds as tax-free with very few exceptions. Please consult a tax advisor regarding your state's specific rules.
Shopper
Shoppers frequently utilize medical care and reach their health plan deductible.
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Survivor
Survivors may be dealing with a lingering health concern.
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Saver
Savers seek opportunities to reduce their tax liability and maximize earning potential.
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How an HSA works A simple way to save |
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Winning with an HSA brochure Empowering you to build health savings |
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Plan comparison scenarios See how you can save based on the following actual plan designs |
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Qualified medical expenses See a list of qualified and non-qualified medical expenses. |
Take advantage of your HSA to build a safety net for unforeseen medical expenses. HSA funds roll over year after year and remain yours even if you change jobs or retire.
