What Is An HSA?
The Health Savings Account (HSA) is an account that helps you save money for eligible health care expenses—now and in the future. Money contributed to an HSA is completely tax-free when used for eligible health care expenses:
- No tax when the money goes into your account, which lowers taxable income so you pay less taxes today;
- No tax when the money comes out to pay for your eligible health care expenses;
- No tax on the money you earn when you invest your HSA contributions in mutual funds and other assets.
You can use the HSA to pay for eligible health care expenses, like prescription drugs, visits to the doctor, and even dental and vision care. In addition to the tax advantages, McLeod will contribute up to the annual maximum based on your coverage tier. Fidelity may require additional forms of identification from account holders. If requirements are not met, the account will be closed after 90 days. McLeod contribution will be made after all requirements are met by the account holder.