Control—You can use the HSA to pay for any qualified medical expense, as defined by the IRS. There's no need for preauthorization of services, unless explicitly stated by the plan.
Savings and Investments—Unlike premiums, unused HSA dollars remain in the HSA until you use them later.
Flexibility—“Health Care” dollars can pay for items identified by the health insurance plan, but also a much broader definition as defined by the IRS which includes dental, vision, orthodontia, over the counter medicine and others (not all of these are applied to deductible) These may be things individuals are currently routinely paying for using post-tax dollars.
Portability—If you leave your current employer, you can take your HSA (the account) with you.
Tax savings—Your contributions to the HSA are made with pre-tax dollars, so individuals will lower income taxes.
No Use-it-or-lose-it—Balances roll from year to year, so you don't need a crystal ball to forecast medical expenses in the next year
What is an HSA?
Why an HSA?
Who is eligible for an HSA?
Is an HSA right for everyone?
Do I need a certain type of Insurance Plan?
Do I need a certain type of account?
Employer Benefits of HSA Plans
Employee Benefits of HSA Plans
HSA Tax Treatment
Tax Treatment: Inviduals
Tax Treatment: Employer Contributions
How are Distributions Taxed?
Who May Contribute?
How much may be contributed to an HSA in calendar year 2006?
Tax Treatment of Contributions
What are catch up Contributions?
What are “Qualified Medical Expenses?”
Are health insurance premiums qualified medical expenses?
How are claims adjudicated and processed?
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