When we talk with people about health savings accounts (HSAs) and buying group or individual health insurance policies that qualify them to utilize an HSA, this question often arises. The confusion arises from the fact that many people have had experience with flexible spending accounts (FSAs) at work, where they had a certain amount of money to spend on healthcare on a “use it or lose it” basis each year.
The good news is that your health savings account is yours. If you’ve saved money in there and haven’t had to use it – that’s great! You’ve got a head start on next year. Money in your HSA rolls over year to year without penalty and without tax. You can build up a nice chunk of change in there because odds are, at some point, you will need it for health-related expenses!
If you’re interested in learning more about group or individual health insurance policies and health savings accounts, please contact us!
