Gulf Coast is one of your local providers of Health Savings Accounts. A Health Savings Account can be used in conjunction with a high-deductible health plan to help take control of rising medical costs.

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.

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

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.

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 2012 your individual contributions are limited to your individual health plan deductible, with a maximum of $3,100 for individuals and $6,250 for families.

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

Call 985.646.6530 or email jamiediamond@gulfbank.com for more information and to see if you qualify for a Health Savings Account.