Gulf Coast is one of your local providers of Health Savings Accounts. The government recently approved Health Savings Accounts to be used in conjunction with a high-deductible health plan. Take control of rising medical costs and look into the benefits of a HSA.

You must be participating in a high-deductible health plan to qualify for a HSA. As part of this plan, you pay as you go for medical expenses until you have met the health plan’s deductible. When you have reached the deductible, your health plan will pay for the majority of health care for that year.

TAX Savings
Contributions as well as distributions are tax free as long as the funds are used for qualified medical expenses.

Retirement Savings
Your HSA balance will roll over each calendar year and accumulate to use for future medical expenses. If you don’t spend the money on healthcare, the money keeps earning interest and accumulating to be used as supplemental retirement income.

Individual Control
You own this account, not your employer or health care provider. You can even take your HSA with you from job to job to retirement. In 2009 your individual contributions are limited to your individual health plan deductible, with a maximum of $3,000 for individuals and $5,950 for families. In 2010 your individual contributions are limited to your individual health plan deductible, with a maximum of $3,050 for individuals and $6,150 for families.

In some instances, your employer may even contribute to your HSA as part of your company’s benefit package.

Call 504.841.2831 or email healthsavings@gulfbank.com for more information and to see if you qualify for a Health Savings Account.