The way you managed your family’s healthcare budget has changed now that the Affordable Care Act is in action. It’s always a difficult task managing your family’s health, not to mention the cost that goes along with that. Maintaining your health savings account will help you to do just that.
Health savings accounts are funds set up by employers, but completely owned by you. You can deposit pre-tax money to pay for medical expenses that are considered qualified by the IRS. (See Publication 502 for specifics). The money is available as needed and is available on a HSA debit card or through reimbursements. You must have a High Deductible Health Plan and you cannot be covered by any other insurance plans to allow for contributions.
Your family benefits in multiple ways:
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HSAs can be saved for future healthcare needs and if not used, can be passed on to heirs.
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The unused money in the account earns tax-free interest.
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Money deposited into your HSA reduces your taxable income.
HSAs give your family options when dealing with medical expenses. Lab tests are covered with HSAs and we accept HSA debit cards. Due to our upfront pricing, you can manage your lab testing budget easily. Visit www.anylabtestnow.com/aca to learn more.
