Rockford Insurancea promise that gives peace of mind
 
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Health Savings Accounts (HSAs)

First let's clarify a few terms. A Health Savings Account, or HSA, isn't an insurance plan, it is a type of bank account. A High Deductible Health Plan, or HDHP is the type of insurance plan that accompanies the HSA. A HSA Health Plan is the combination of the HDHP and the HSA. HSA Health Plans are a great way to save money by decreasing your health insurance premium and letting you pay for out-of-pocket medical expenses with tax-free dollars. 

The Health Savings Account is a tax-free investment account whose main purpose is to fund out-of-pocket medical expenses.  Money goes into a HSA tax-free, it is invested and grows tax-free, and money can be withdrawn tax-free for eligible medical expenses.  After reading that, you may wonder why everyone doesn't have a HSA.  Actually, anyone can have a HSA, but to be able to contribute or deposit money into a HSA you must meet certain criteria (see Putting Money In Your HSA).

While the main purpose of the HSA account is to fund out-of-pocket medical expenses, it can also be used as an investment and retirement vehicle.  Many people call HSAs medical IRAs (Individual Retirement Account) since they have the same tax advantages as an IRA.  Money in an HSA can be invested in much the same way as IRAs, and funds can be withdrawn as retirement income with no penalties at the age of 65 (rather than 59 1/2 for IRAs), but can be used presently with no penalties or taxes due if used for eligible medical expenses.


 
 
Contact Information:
Rockford Insurance in Michigan
PO Box 265
Rockford, MI 49341
Phone 616.361.2550
The Rockford Insurance promise that gives peace of mind

Our mission is to make insurance "a promise that gives peace of mind". We understand that insurance is a promise, a promise that when sickness, accident or death occurs, the insurance will provide a source of funds to help make you whole again. The promise isn't only the insurnace policy but also the on-going service and personal care needed during a time such as this.  
Our complete Mission Statement