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Santa Monica Insurance Agent

Insuring Santa Monica
And All of California
Call (310) 471-5500
(800) 478-6091

Home / Group Benefits / Health Savings Accounts (HSA)

Health Savings Accounts (HSA)

A Group of Health Professionals Stand and Smile at the CameraA Health Savings Account (HSA) helps you save money on health care. By making you a part of the medical services decision process, Health Savings Accounts are designed to help you manage medical expenses and reduce the continuing raising of health care expenses.

Equally as important, the money you save remains part of your retirement account, even if you leave your present employer. You can also save the money in your account and grow your account through investment earnings. Funds in the account can grow tax-free through investment earnings, just like an IRA. In short, if you don’t use all the money in your HSA for medical expenses, it can accumulate as tax-free savings for your retirement. One final benefit, HSAs can pay for many more procedures than were ever allowed before by government sponsored programs. Health Savings Accounts help you save money on unavoidable expenses and build investment savings for your retirement.

Account funds are used to cover medical expenses before the plan deductible has been met. Unspent account balances accumulate and accrue interest from year-to-year. Unlike amounts in Flexible Spending Accounts that are forfeited if not used by the end of the year, unused funds remain available for use in later years. Once the health plan’s annual deductible has been met, coverage resembles conventional insurance, typically in the form of a preferred provider organization (PPO) with little-to-no cost sharing for in-network services, and limits on total out-of-pocket costs. 

For more information about Health Savings Accounts or to discuss your specific business needs, please contact us using the form to the right.

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Michael D. Sutton Insurance
  • 401 Wilshire Blvd., 9th. Floor
    POB 919
  • Santa Monica, California 90406

Phone: (310) 471-5500

Toll Free: (800) 478-6091

401 Wilshire Blvd., 9th. Floor, POB 919, Santa Monica, California 90406
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Michael D. Sutton Insurance Provides Auto & Car Insurance, Homeowners Insurance, Business & Commercial Insurance, Life Insurance, and Employee Benefits to All of California, Including Santa Monica.
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