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HDHPs and Health Savings Accounts
The Medicare Prescription Drug, Improvement and Modernization Act of 2003 expanded the health benefits available to consumers by authorizing the use of HSAs. These consumers range from the self-employed to the employees of groups of any size. HSAs are designed to give you more control over your healthcare expenses.
There are two parts to the HSA program:
- A Health Savings Account: An HSA is an account you use to set aside funds on a pre-tax or tax-deductible basis to pay for routine healthcare - such as office visits, prescription drugs and lab tests.
- A High Deductible Health Plan: To qualify for an HSA account you must also be enrolled in a high deductible health plan.
The money you put into your First Horizon HSA can reduce your taxable income. Here's how:
- The contributions are 100% federal tax-deductible
- The funds grow tax-deferred
- When funds are used on eligible medical expenses, they are distributed tax-free.
- Unlike a typical FSA, HSA funds roll over year to year, and funds used after age 65 may be used tax-free for eligible medical expenses or withdrawn at your tax rate for non-eligible expenses.
- Competitive interest rates or choose from a selection of investment options.
First Horizon Msaver is a leading HSA administrator who can help you open your health savings account with First Horizon.
It takes about 3 minutes of your time to get a quote. Click here to get started now. Let's work together to find the HDHP that's right for you!
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