Want to use HSAs with healthsharing ministries? This may soon become a reality.
What are Health Savings Accounts (HSAs)?
A Health Savings Account (HSA) is an account where individuals and families can save up money to pay for high deductibles on their insurance? The account is to only be used for medical expenses.
HSAs must be paired with health insurance that has a high deductible though. In 2016, the requirements for annual deductibles for individuals and families are $1,300 and $2,600, respectively.
The most attractive attributes for Health Savings Accounts are:
- Tax Deductible (100% deductible)
- Tax-Free (Withdrawals are never taxed)
- Tax-Deferred (Interest earnings are deferred)
HSAs With Healthsharing Ministries
As the law stands now, members of healthsharing ministries are not allowed to use Health Savings Accounts, though this may change. Currently, there is legislation being debated on Capitol Hill that could allow for healthsharing members start their own Health Savings Account
What Can Members Do?
If you’re a member of a healthsharing ministry and support this new legislation to allow for Health Savings Accounts, the best thing you can do now is contact your Senator. You can simply let them know that you support this legislation and encourage them to vote in favor of it.