Health Savings Accounts: A new approach to health care

Health Savings Accounts: A new approach to health care

Health Savings Accounts (HSAs), available at First National Bank Alaska, are one way employers and their employees can combat rising health care costs.

Similar to how a 401(k) is used to save for retirement, ann HSA can be used to save money for health care expenses. A person must be covered by a High Deductible Health Plan to qualify for ann HSA (HDHP). In most cases HSA this money contributions are not taxed, and a persons taxable income is reduced by the amount of the contribution.

HSAs allow people to use saved funds to cover approved expenses. such as your deductibleWhen a qualified medicalhealth care expense comes up, funds in the HSA can be used. First Nationals plan will include a debit card for your HSA. Once a health plans deductible has been met in one of these two ways, it will cover qualified medical expenses according to its terms.

HSAs first became available in 2004. The U.S. Department of the Treasury sets the rules. Each year, you can donate any amount you wish into your HSA, up to your health plans annual deductible.

With rising health care costs, HSAs figure big in the future of health care as many companies make adjustments to continue providing coverage for employees and First National is here to help.

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