Health Savings Account

A Health Savings Account (HSA) is a tax-free savings account that works with a qualified health plan to help you pay for the cost of out of pocket health care and prescription medication expenses. You can take the money you would have paid for higher health insurance premiums and use it to pay for qualified medical expenses or save it and let it grow!

• HSA money, including all the money McCownGordon contributes, is yours, ALWAYS! You won’t lose it if you don’t spend it, change jobs, retire, or change health
plans.
• Never pay taxes on withdrawals for qualified medical expenses.
• Money earns interest and you don’t pay taxes on the interest earned.
• Contributions are tax-free and reduce your overall taxable income.
• Change your contributions to the HSA any time during the year.

Anyone meeting the following requirements is eligible
for an HSA:
• Enrolled in a McCownGordon qualified medical plan.
• Not covered under another medical plan that is not HSA compatible.
• Not enrolled in Medicare.
• Not eligible to be claimed on another person’s tax return.
• Not active in the military.
• United States resident.