{"id":15511,"date":"2020-09-28T09:00:18","date_gmt":"2020-09-28T13:00:18","guid":{"rendered":"https:\/\/www.singlecare.com\/blog\/?p=15511"},"modified":"2020-09-17T11:43:36","modified_gmt":"2020-09-17T15:43:36","slug":"hsa-pros-and-cons","status":"publish","type":"post","link":"https:\/\/www.singlecare.com\/blog\/hsa-pros-and-cons\/","title":{"rendered":"Thinking about an HSA? Read the pros and cons of a health savings account"},"content":{"rendered":"<p><a href=\"https:\/\/www.treasury.gov\/resource-center\/faqs\/Taxes\/Pages\/Health-Savings-Accounts.aspx\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Health savings accounts<\/span><\/a><span style=\"font-weight: 400;\"> have been around since 2003, so they\u2019re hardly a new concept. But since healthcare policy has changed so much over the past few years, they\u2019re getting renewed attention. Some people who have only relied on traditional health insurance to pay their medical bills might be thinking about adding an HSA to the mix. But what exactly is a health savings account, and how does it work?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The idea behind the HSA is relatively simple: Their purpose is to allow individuals with high insurance deductibles to set aside pre-tax dollars to pay for medical expenses. Generally speaking, any adult with a <\/span><a href=\"https:\/\/www.singlecare.com\/blog\/high-deductible-health-plan\/\"><span style=\"font-weight: 400;\">high-deductible health plan<\/span><\/a><span style=\"font-weight: 400;\"> (HDHP)\u2014and no other health insurance coverage\u2014may open an HSA.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, is a health savings account right for you? Let\u2019s explore the HSA pros and cons.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What are the advantages of a health savings account?\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are many advantages to a health savings account, depending on your income or medical needs. Here are 5 pros to an HSA.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">1. An HSA provides tax savings<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">For individuals who are expecting a larger medical expense in the coming year, an HSA plan can save thousands of dollars with triple tax savings, says Gary Franke, insurance broker and health savings account expert at <\/span><a href=\"http:\/\/www.achieve-alpha.com\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Achieve Alpha Insurance, LLC<\/span><\/a><span style=\"font-weight: 400;\"> in Bellevue, Washington.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Triple tax savings breaks down in the following way:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">One, you won\u2019t have to pay taxes on the money you put into your HSA.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Two, you won\u2019t have to pay taxes on the money you take out of your HSA to pay for qualified healthcare expenses. (Though people younger than 65 will have to pay a penalty for any HSA funds used to pay for non-eligible expenses, so be careful!)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Three, you can earn tax-free interest on money you keep in your HSA account. You also have options to invest the money in your account.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u201cI have an HSA account for myself now,\u201d Franke says. \u201cIt saved me $1,500 off my tax bill in 2019.\u201d<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. An HSA may cover some expenses your insurance doesn\u2019t<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">HSA expenses can include a multitude of healthcare expenses that your insurance plan might not cover, such as orthodontia and eyeglasses. \u201cThere are hundreds of health expenses that qualify for payment from an HSA,\u201d says Vikram Tarugu, MD, gastroenterologist and the CEO of <\/span><a href=\"https:\/\/detoxofsouthflorida.com\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Detox of South Florida<\/span><\/a><span style=\"font-weight: 400;\">. \u201cExamples include chiropractic or dental treatments, fertility services, wheelchairs, and prescription medications.\u201d\u00a0\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. An HSA allows contributions from others<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u00a0\u201cSome people may not know this, but you can permit others to contribute to your HSA,\u201d Dr. Tarugu explains.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the IRS, <\/span><a href=\"https:\/\/www.irs.gov\/publications\/p969\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">you can accept HSA contributions from any other person<\/span><\/a><span style=\"font-weight: 400;\">, such as your employer or a family member. This leads to even more tax advantages. The amount your employer contributes will not be counted as income for tax purposes. And if a family member contributes to your HSA, their contribution is tax deductible on the family member\u2019s return, even if they don\u2019t itemize deductions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition, health savings accounts are pretty flexible in terms of when you deposit and spend the money. \u201cContributions to an HSA can be made any time during the calendar year and up to Apr. 15 of the following tax year,\u201d says Dr. Tarugu.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Note: The <\/span><a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/rp-20-32.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">contribution limits<\/span><\/a><span style=\"font-weight: 400;\"> for 2020 are $3,550 for individual plans and $7,100 for family coverage. The limits for 2021 will be $3,600 for individual plans and $7,200 for family plans.<\/span><\/p>\n<p><b>RELATED: <\/b><a href=\"https:\/\/www.singlecare.com\/blog\/medical-expense-deduction-tax\/\"><b>Health expenses you may be able to deduct from taxes<\/b><\/a><\/p>\n<h3><span style=\"font-weight: 400;\">4. An HSA offers flexibility after the age 65<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">You can also look at HSA contributions as a form of retirement savings. After you turn 65, you can use your HSA funds to pay for <\/span><i><span style=\"font-weight: 400;\">any<\/span><\/i><span style=\"font-weight: 400;\"> expenses, whether they are health-related or not. You will not pay a penalty, but the distribution wouldn\u2019t be tax free.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">5. An HSA allows for portability of funds<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Some savings accounts, such as <\/span><a href=\"https:\/\/www.singlecare.com\/blog\/how-to-use-fsa-money\/\"><span style=\"font-weight: 400;\">flexible savings accounts (FSA)<\/span><\/a><span style=\"font-weight: 400;\"> are \u201cuse it or lose it.\u201d Meaning, if you don\u2019t use all the funds, they expire at the end of a set period, typically within a calendar year. That\u2019s not a risk with an HSA. \u201cYou can let funds roll over to the next year,\u201d Dr. Tarugu says. This allows for you to retain funds if you change funds or retire. Any HSA money is yours to spend on health expenses, no matter when you need it.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What are the cons of an HSA?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you have an HSA, by definition, you also probably have a high deductible health plan. That can get pretty expensive. Here are three cons of an HSA.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">1. A high-deductible health plan associated with an HSA can result in high out-of-pocket costs<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">With a high-deductible health plan, you\u2019ll be expected to pay 100% of doctor visits, prescriptions, and medical procedures until you hit your deductible, Franke says. This year, an HDHP is any plan with a deductible of at least <\/span><a href=\"https:\/\/www.healthcare.gov\/glossary\/high-deductible-health-plan\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">$1,400 for an individual or $2,800 for a family<\/span><\/a><span style=\"font-weight: 400;\">, according to the IRS. But with some plans, total yearly out-of-pocket expenses can be as high as $6,900 for an individual or $13,800 for a family. That includes money you spend on copays, coinsurance, and deductibles.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">High deductible health plans are typically more beneficial to generally healthy people who mostly require preventive care. If you have a chronic medical condition that requires frequent doctor\u2019s office visits and regular treatment, or if you know you have a surgery coming up, you might consider a different type of healthcare plan. Otherwise, you\u2019ll have to pay upfront for all of these expenses, which will burn through your HSA funds pretty quickly.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. An HSA might not cover unexpected expenses<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u201cYou might have unexpected healthcare costs, which might exceed the amount you have saved in your HSA,\u201d Dr. Tarugu says. \u201cThen there\u2019s the pressure to save,\u201d he says, referring to the reluctance some people feel in seeking care because they believe the money in their HSA might be needed at some time in the future.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. There are rules around HSA accounts.<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Some other disadvantages of HSAs include recordkeeping requirements, taxes and penalties, and fees. Whenever you withdraw money from your HSA, depending on the plan, you may have to keep receipts to prove that you spent the money on a qualified medical expense. If you are under 65 and the expense is deemed to be unqualified, you\u2019ll have to pay taxes on the money plus a 20% penalty. Additionally, some HSAs charge a monthly maintenance fee or a per-transaction fee. This varies by institution.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Other alternatives to consider<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you have an HDHP, and that plan is offered by your employer, HSAs aren\u2019t necessarily the only option you have for setting aside tax-free money for health expenses. You might also want to consider a health reimbursement account (HRA) or a healthcare flexible spending account (FSA).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An HRA is a type of health spending account that your employer might offer in your benefits package. Only your employer can contribute to the account, and the employer owns it. The money that your employer contributes to your HRA is not considered income for tax purposes. Your employer controls almost everything about the HRA, including which expenses it covers and whether or not to allow funds to roll over into the next year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A healthcare FSA is another type of health spending account, usually associated with plans with lower deductibles. Like HRAs, these can only be offered by employers. As such, your employer owns these accounts too. However, both you and your employer are allowed to contribute to an FSA. One of the main drawbacks is that FSAs are \u201cuse it or lose it.\u201d If you don\u2019t use all of your FSA money by the end of the year (or until the following April on some plans), your employer is allowed to keep the remainder.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For a detailed explanation about all of the differences between HSAs, HRAs, and healthcare FSAs, see our blog post, \u201c<\/span><a href=\"https:\/\/www.singlecare.com\/blog\/hra-vs-hsa-vs-fsa\/\"><span style=\"font-weight: 400;\">HRA vs HSA vs FSA: What\u2019s the best health savings account<\/span><\/a><span style=\"font-weight: 400;\">?\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Health savings accounts have been around since 2003, so they\u2019re hardly a new concept. But since healthcare policy has changed so much over the past few years, they\u2019re getting renewed attention. Some people who have only relied on traditional health insurance to pay their medical bills might be thinking about adding an HSA to the [&hellip;]<\/p>\n","protected":false},"author":94,"featured_media":15642,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[608,691],"coauthors":[8859],"class_list":["post-15511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company","tag-health-insurance","tag-healthcare-costs","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Do you need a health savings account? HSA pros and cons<\/title>\n<meta name=\"description\" content=\"Health savings accounts (HSA) offer tax benefits and flexibility\u2014plus funds roll over year-over-year. Still, they aren\u2019t for everyone. Learn HSA pros and cons.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.singlecare.com\/blog\/hsa-pros-and-cons\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is a health savings account right for you?\" \/>\n<meta property=\"og:description\" content=\"Learn all the pros and cons of HSAs\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.singlecare.com\/blog\/hsa-pros-and-cons\/\" \/>\n<meta property=\"og:site_name\" content=\"The Checkup\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/singlecare\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-28T13:00:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.singlecare.com\/blog\/wp-content\/uploads\/2020\/09\/092820_Health_savings_accounts.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Nicole Roder\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Is a health savings account right for you?\" \/>\n<meta name=\"twitter:description\" content=\"Learn all the pros and cons of HSAs\" \/>\n<meta name=\"twitter:creator\" content=\"@SingleCare\" \/>\n<meta name=\"twitter:site\" content=\"@SingleCare\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nicole Roder\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.singlecare.com\\\/blog\\\/hsa-pros-and-cons\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.singlecare.com\\\/blog\\\/hsa-pros-and-cons\\\/\"},\"author\":{\"name\":\"Mariusz Labedzki\",\"@id\":\"https:\\\/\\\/www.singlecare.com\\\/blog\\\/#\\\/schema\\\/person\\\/232380d21234706e6360acfa9c895934\"},\"headline\":\"Thinking about an HSA? 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