Meeting the insurance needs of
Central Florida individuals and businesses.

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Insurance Consultants
of Central Florida

227 S. Orlando Ave, 1st Floor
Winter Park, FL 32789

Phone: (407) 740-5337
Fax (407) 740-8786

Health Insurance

Click to visit our main website
to contact one of our individual health agents

Health Savings Account

A Health Savings Account (HSA) is a tax-advantaged personal savings account designed to provide funds to pay qualified medical expenses, including health insurance deductibles and co-payments. An HSA is available to
eligible individuals only in conjunction with a high-deductible health plan provided by an employer or purchased
by an individual.

How does a Health Saving Account work?

Health Savings Account (HSA)	+	High-Deductible Health Insurance Plan
You establish a Health Savings Account, into which you make taxfree contributions up to specified maximums each year.		You purchase a qualifying highdeductible health plan.
If an illness or injury strikes, funds can be withdrawn tax free from the HSA to pay for qualified medical expenses.		If an illness or injury strikes, funds can be withdrawn tax free from the HSA to pay for qualified medical expenses.
Funds not withdrawn to pay for qualified medical expenses remain in the HSA and grow from year to year in an investment account whose earnings grow free of tax.
HSA funds may be withdrawn for purposes other than paying qualified medical expenses, but are subject to income tax plus a 10% penalty tax. Beginning at age 65, HSA funds may be withdrawn for any reason, subject to regular income tax without penalty, or can continue to be used to pay qualified medical expenses without tax.

The tax benefits of an HSA are significant. Your contributions to a Health Savings Account are tax deductible on an "above the line" basis, resulting in a dollar-for-dollar reduction in adjusted gross income.