Get Suntrust Hsa

A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs.

An HSA is a tax-advantaged account established to pay for qualified medical expenses of an account holder who is covered under a high-deductible health plan. A HDHP is simply health insurance that meets certain minimum deductible and maximum out-of-pocket expense requirements. ...

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

Like any health care option, HSAs have advantages and disadvantages. ... If you're generally healthy and want to save for future health care expenses, an HSA may be an attractive choice. Or if you're near retirement, an HSA may make sense because the money can be used to offset the costs of medical care after retirement.

A health savings account, also known as an HSA, is a tax-exempt savings account that, when paired with a qualified high-deductible health plan (QHDHP), can be used to pay for certain medical expenses. Funds deposited are not taxed, nor are withdrawals for qualified expenses.

Like any health care option, HSAs have advantages and disadvantages. ... If you're generally healthy and want to save for future health care expenses, an HSA may be an attractive choice. Or if you're near retirement, an HSA may make sense because the money can be used to offset the costs of medical care after retirement.

HSAs might also not be a good idea if you know you will be needing expensive medical care in the near future. ... Also, the desire to keep money in an HSA may prevent some people from seeking medical care when they need it. Plus, if you take money out of your HSA for non-medical expenses, you will have to pay taxes on it.

What kinds of expenses are covered by an HSA? In general, you can use your HSA to pay for any qualified medical expense. ... Qualified medical expenses are defined by the IRS and include medical care, vision and dental care expenses, prescription drugs, and payments for long term care services and insurance.

What are some potential disadvantages to health savings accounts? Illness can be unpredictable, making it hard to accurately budget for health care expenses. Information about the cost and quality of medical care can be difficult to find. Some people find it challenging to set aside money to put into their HSAs.