A Health Savings Account (HSA) helps you save money on health care. By making you a part of the medical services decision process, Health Savings Accounts are designed to help you manage medical expenses and reduce the continuing raising of health care expenses.

Equally as important, the money you save remains part of your retirement account, even if you leave your present employer. You can also save the money in your account and grow your account through investment earnings. Funds in the account can grow tax-free through investment earnings, just like an IRA. In short, if you don’t use all the money in your HSA for medical expenses, it can accumulate as tax-free savings for your retirement. One final benefit, HSAs can pay for many more procedures than were ever allowed before by government sponsored programs. Health Savings Accounts help you save money on unavoidable expenses and build investment savings for your retirement.

Account funds are used to cover medical expenses before the plan deductible has been met. Unspent account balances accumulate and accrue interest from year-to-year. Unlike amounts in Flexible Spending Accounts that are forfeited if not used by the end of the year, unused funds remain available for use in later years. Once the health plan’s annual deductible has been met, coverage resembles conventional insurance, typically in the form of a preferred provider organization (PPO) with little-to-no cost sharing for in-network services, and limits on total out-of-pocket costs.

About Fairway Insurance Advisors

Fairway Insurance Advisors provides auto and homeowners  and other personal insurance coverages, as well as business or commercial insurance to all of Georgia including: Roswell, Atlanta, Alpharetta, Johns Creek, Cumming, and Suwanee. We work with consumers, business owners and mortgage professionals to craft fair, reasonable programs of insurance.

Fairway - Leading You to a Path of Financial Protection.

Fairway Insurance Advisors is licensed in Georgia, North Carolina, South Carolina, Alabama, Virginia, Florida, and Tennessee. www.fairwayinsuranceadvisors.com

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