A health savings account (HSA) covers your current and future medical expenses. It’s a smart investment since it provides 12 key benefits.
Yes, you can have a Health Savings Account (HSA) with Covered California through the Bronze level of Covered California plans.
- You control the account. That means you decide all the details, including how much to contribute (there are limits), the bank that handles the account and how to spend the money. You also retain control over the interest earned.
- Choose to invest some of your HS A savings into a mutual fund. Here, your money has more potential for growth over time.
- It’s available to anyone under 65 years of age. As long as you fit into this age range, you qualify.
- The money rolls over. Money in a flexible spending account (FSA) must be used by the end of the year or you lose it. HSA funds continue to be available until you retire.
- Your HSA account stays put. It’s available to you even if you change jobs, become unemployed, switch insurance carriers, move or get married or divorced.
- Contribution limits are high. In 2016, individuals may contribute $3,350, the family limit rises to $6,750 and individuals over 55 may contribute an additional $1,000.
- Enjoy a prolonged contribution period. You can make contributions to your HSA from January 1 to April 15 of the following year, which allows you to increase both your HSA and tax savings.
- There is no income requirement to open an HSA. You can make lots of money or have no earned income and still contribute.
- You receive triple tax savings. The money you contribute to your HSA is tax deductible up to the contribution limit, your savings grow tax-free and you don’t pay taxes on the money you withdraw as long as it is used to pay for eligible medical expenses.
- It supplements your high-deductible health plan (HDHP). Use it to pay your deductible or any eligible expense.
- The money pays for a variety of eligible medical expenses. They include the costs of disease and illness diagnosis, cure, treatment and prevention and cover doctor, surgeon and dental fees in addition to the costs of diagnostic devices, equipment and supplies. Check with the IRS for more details on eligible expenses.
An HSA covers current and future medical expenses. Use it now to offset your high-deductible coverage or let the money grow until you need it for a major medical expense in the future.
A health savings account can be a wise decision for you. Consider these 12 key benefits and talk to your health insurance agent for more details.
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Happy New Year from all of us at Scurich Insurance Services!
One in five people resolve to lose weight or get healthier every January. Several additional New Year’s resolutions can also prolong your life, so consider adding them to your resolution list this year.
Vitamins help with Illness Prevention
Regular doses of Vitamin D – followed with 15 minutes of sun exposure (to activate the Vitamin D), Multi-vitamins, Zinc (with Amino acids to help Zinc absorption)
Eat Fewer Calories
Food fuels your body, but when you eat fewer calories, you lose weight and reduce your risk of developing heart disease, diabetes and certain cancers. Choose a smaller plate, chew each bite carefully and stop eating when you start to feel full to eat fewer calories and prolong your life.
Add Brain Foods to Your Diet
Certain foods help your brain and body function properly. Plan to add these brain foods to your diet as you live a healthier lifestyle this year.
- Avocado
- Beans
- Blueberries
- Nuts and seeds
- Pomegranate juice
- Whole grains
- Wild salmon
Meditate Often
Meditation reduces stress and anxiety, improves your mood and boosts your brain’s grey matter, which helps to regulate your sensory perception, muscle control, decision making and self-control. Listen to a meditative CD or simply sit still and relax as you add this practice to your daily routine and gain its benefits.
Learn Something New
When you learn a new skill, you stretch your brain and improve your memory. Resolve to take a college class, learn to edit photos or watch TED talks that enrich your life and your brain with new thoughts, ideas and lessons.
Move Every Day
Regular movement helps you stay fit, improves your overall body function and reduces stress and depression. As a bonus, moving outdoors in nature could lower your blood pressure and boost your immunity. Whether you take a walk, sign up for a dance class or join a sports team, aim to move at least 10,000 steps per day and live longer.
Start a New Hobby
Hobbies like gardening, cooking and reading improve your quality of life. Many hobbies also reduce your stress levels, improve your focus and boost your brainpower. Start a hobby or two, and you increase your enjoyment of life and life expectancy this year.
Play More
Play helps kids develop properly and learn essential skills, and play gives adults important benefits, too. Relax your body and stimulate your mind when you put together up a jigsaw puzzle, join a bowling league, shoot hoops during work breaks and play more in 2018.
Get a Physical
During your annual physical, you and your doctor review your current health and address any ongoing health issues. Prioritize this visit to stay healthy now and into the future.
Resolve to live longer thanks to these resolutions. They improve your life and your health.
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