Answer to Your Basic Queries About Health Savings Account

What is HSA

Health savings account (HSA), a tax-advantaged medical savings account, was introduced in the United States as part of the Medicare Prescription Drug, Improvement, and Modernization Act at the time of President George W. Bush. This is facility is available to taxpayers and is advantageous for them because funds contribution to this account are not subject to federal income tax in the fiscal year of deposit. Thus, it is a high-deductible health plan (HDHP) which is also tax-saving. Another advantage of this account is that it is rolling over and the unspent funds in account roll over and accrue year to year. HSA is an individual-owned account distinct from Health Reimbursement Arrangements (HRAs) that are company-owned.

Why you need HSA

Health is a crucial issue because bad health conditions can be deteriorating and they may snatch away all your savings sometimes and leave you in lurch. You wouldn’t like this thing to happen in your life. If you are a federal taxpayer, HSA is a perfect high-end plan for you enjoy dual benefit – to save for your health and to save tax on your income by contributing to this plan. You may not be aware about HSA but there is a solution. You can visit the link and seek answer to all your queries regarding this account. You can know how this account works and you can open and maintain your account here.

Where to open HSA

This is simple. You can sign up with livelyme to become a part of this. You can logon to its site by your email and password to open your account. Once you are enrolled on this site, you will be a member and as health savings account holder, you can make all your transactions. You can make deposits and use your funds when you need it for the purpose for which this account works.