Minimalists and their dependents are most likely able to enjoy a healthy life, with little medical expenses. They look for ways to minimize their health insurance costs, while still maintaining a safety net for unexpected life events.
By using your HSA for qualified medical expenses, you are able to enjoy tax savings three different ways:
HSA-qualified plans cost less than traditional health plans. With a traditional plan, Minimalists pay a high premium for benefits, whether they use them or not. The resulting savings can be used to fund an HSA with tax-free* dollars.
Remember, preventive care is covered 100% by all health plans, including HSA-powered plans. Your yearly exams and certain procedures are paid for by your health plan.
*Note regarding tax-free statements:
HSAs are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Also, most states recognize HSA funds as tax-free with very few exceptions. Please consult a tax advisor regarding your state's specific rules.
Shoppers frequently utilize medical care and reach their health plan deductible.
Survivors may be dealing with a lingering health concern.
Savers seek opportunities to reduce their tax liability and maximize earning potential.
How an HSA works
A simple way to save
Winning with an HSA brochure
Empowering you to build health savings
Plan comparison scenarios
See how you can save based on the following actual plan designs
Qualified medical expenses
See a list of qualified and non-qualified medical expenses.
Take advantage of your HSA to build a safety net for unforeseen medical expenses. HSA funds roll over year after year and remain yours even if you change jobs or retire.