TOP 5 REASONS TO HAVE AN HSA TODAY
<November 12, 2018>
Now more than ever, Americans just like you are turning to Health Savings Accounts (HSAs) to make healthcare more affordable. An Avidia HSA empowers you to pay for qualified medical expenses and save for the future with reduced monthly premiums through an accompanying HDHP.
So, what’s the buzz all about? See for yourself with these 5 perks that’ll make you want to enroll in an HSA today!
1 Triple Tax-Advantaged
HSAs have three tax advantages. Contributions are tax-free, potential interest gains accumulate tax-free and distributions are tax-free when used to pay for qualified medical expenses. This means contributions to your HSA are made prior to your income being taxed, you don’t pay taxes on account growth and you won’t be taxed when using the funds to pay for qualified medical expenses. That’s what we call a triple win! Plus, with zero monthly maintenance fees through Avidia, you’ll save even more.
2 Savings Solution for Future Health Needs
Think of it as, well, a savings account for your health! An HSA with an accompanying High Deductible Health Plan reduces your overall monthly premiums. You can redirect this money that would have been spent on monthly premiums to your HSA. Unused contributions accumulate and can be used for future medical expenses or to supplement retirement income. For example, unused funds in your HSA can be used to pay COBRA or other medical insurance premiums during periods of unemployment.
3 Flexible Funds
Your HSA funds can be used for non-medical related expenses. However, there is a 20% penalty before age 65 and ordinary income tax will be charged on the money withdrawn for non-medical reasons. At age 65 remaining HSA funds can be withdrawn for non-medical related expenses without penalty. Plus, Avidia makes it convenient to access your HSA funds with a debit card. Paper checks can also be provided.
4 Investment Options
HSAs are powerful financial tools that help you pay medical expenses. But your HSA can do much more than that. As an Avidia HSA participant, you have the opportunity to utilize our optional investment account service available through our partnership with Devenir. When you open an investment account you will be able to invest a portion of your HSA balance in mutual funds, where they earn tax-free interest. View our investment options here.
Unlike an FSA, the accumulated balance in your HSA rolls over from year-to-year. You own all HSA account funds. When you change employment or retire, your funds move with you! No ‘use it or lose it’ rule with Avidia.
So, don’t delay on gaining healthcare savings. Open an HSA today! Avidia HSAs are easy to open, easy to use and easy to manage. You can open an HSA on your own or through your employer.
Learn more about enrolling today