Your Health and How to Pay for It: Using a Health Savings Account

Your health is the most important thing you have, but it can cost an arm and a leg. When you’re healthy it can feel like you’re paying insurance premiums for nothing, but don’t fall into the trap of being unprepared. Instead, put your money to work in a Health Savings Account and let it grow while you save for health-related needs.

What is a Health Savings Account?

In short, an HSA is a special savings account specifically for use on health-related expenses. It protects your money with three tax benefits:

  • It is deducted from your pay pre-tax (or is tax-deductible)
  • It grows tax-free
  • It’s not taxed as it’s removed, under the right circumstances

HSAs are also investable, meaning that you can grow the money how you choose – it isn’t just sitting there. And unlike a Flexible Savings Account, the amount you save in your HSA rolls over from year to year, so you don’t have to worry about losing hard-earned dollars because you stayed healthy all year. While the amount you can contribute is capped by the government, you should be able to save a substantial amount toward your medical needs.

Is an HSA for you?

At this point, you’re probably asking whether you’d benefit from an HSA. The first question you need to ask yourself is whether you’re enrolled in a High Deductible Health Plan (HDHP). Without one, you aren’t eligible to enroll in an HSA. Next, ask yourself if you’d prefer to avoid up-front costs. If you don’t anticipate spending a lot out–of-pocket on medical costs, it could be the right decision for you to save your money for a rainy day. If, on the other hand, you’re likely to use your insurance benefits regularly, you might be better off with a lower-deductible plan.

How can Origin Bank help you?

Origin Bank offers HSAs in the form of interest-bearing, portable checking accounts. You’ll grow your money, have easy access to it when needed, and because it isn’t attached to your job, your insurance, or your location, you don’t need to worry if any of those things change.

We’d be happy to help answer any questions you have about Health Savings Accounts. Check out our Health Savings Card information online or stop by your local branch to chat about how we can make your money work best for you.