Health Savings Accounts

The GBA Insurance Trust offers plan options that allow you to take advantage of tax savings under a Health Savings Account (HSA). The HSA is an account into which you can place pre-tax dollars to pay for current medical expenses, or save for future medical expenses. As healthcare needs arise, you select when and where you seek treatment – and pay from your tax-free HSA account. If you do not spend the money, the dollars contributed to your account are yours to keep. Dollars remain in your account and grow tax-deferred to be spent as you wish after age 65 (similar to an IRA or a 401k). An HSA account provides options and control over your healthcare choices, and also provides a tax-sheltered savings platform that grows as a tax-free retirement savings account. In order to contribute to an HSA, you must be covered under a high-deductiblie, HSA-compatible plan. The Georgia Bankers Association Insurance Trust, Inc. offers several Health Savings Account-eligible plans. You can find these plans here.

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