HSA for health care expenses
If you have a qualifying high-deductible health plan
(HDHP) and meet other IRS requirements, you can set up a health savings account (HSA) through Prevea360 Health Plan to save pre-tax dollars for your—or your family’s—medical expenses.
What is it?
SSM Health Plan Well HSA is an individually owned, tax-advantaged account used to pay and save for current and future medical expenses. Plan Well HSA account holders get a triple tax savings:
- Employer and employee contributions to these accounts are not subject to income tax.
- Contributions to your HSA through payroll deduction are made with pre-tax dollars through payroll deduction and any interest you earn is tax-advantaged.
- Withdrawals used to pay for qualified medical expenses are tax exempt.
- Savings continue to grow in HSAs, as earnings from interest and returns are tax-free.
How does it work?
Money placed into Plan Well HSA belongs to the account holder, no matter who deposited it. And there’s no “use it or lose it” rule. Your money can sit, stay and rollover until it is spent.
Who says old money can't learn new tricks?
What can you spend the money on?
Acupuncture to x-rays and nearly everything in between.
Money from Plan Well HSA can be used to pay for a number qualified medical expenses, including doctor’s visits, prescriptions, dental and vision care. Visit irs.gov
for a complete listing of qualified medical expenses.
If you’re an employer…
Plan Well HSAs offer a way for your employees to save and grow funds in an account that can age right alongside them.
Spend now or spend later - They decide.
When your employees open a Plan Well HSA, they can take advantage of a numbers of resources to assist them. Not to mention, customer care professionals at their fingertips to field any questions.