UNITED SA offers Health Savings Accounts (HSA) as another benefit of membership.
An HSA is an alternative to traditional health insurance; it is a savings product that offers a different way for consumers to pay for their health care. You own and control the money in your HSA. You make the decisions on how to spend the money without relying on a third party or a health insurer.
HSAs were created in 2003 so that individuals covered by a high-deductible health plan (HDHP) could receive tax-preferred treatment of money saved to pay for:
- current health expenses
- future qualified medical expenses
- retiree health expenses
Benefits of an HSA:
- Protection - You will have an opportunity to save money to pay high or unexpected medical bills.
- Convenience - The money you save in your HSA can be conveniently accessed using a check (debit) card or by check.
- Affordability - High health insurance policy deductibles mean lower premiums.
- Savings - Your ability to deduct your contributions and the tax deferral of your account earnings enable you to build your account.
- Flexibility - You can contribute at any time during the year, and your HSA balance rolls over from year to year.
- Portability - You own the account, so it goes where you go, regardless of any job changes.