Health insurance and employee benefits for the automotive, road, fuel and related industries.


Get in front of healthcare costs.

Health Savings Accounts2018-10-01T18:09:33+00:00

Consumer Driven Health Plans (CDHP) with Health Savings Accounts (HSAs)

Get smarter about how you save for health care costs, with an HSA. An HSA, or Health Savings Account, is an individual savings account, funded by you. Your employer can make contributions as well. There are three main tax advantages to an HSA:

  • Pre-tax. The money that you put into an HSA is pre-tax. In other words, it’s not counted towards your taxable income for that year.
  • It grows tax-free. You won’t be penalized for your money growing while in your HSA account.
  • Medical expenses are not taxed. The IRS determines an amount each year that individuals can contribute to an HSA.

It’s a no-brainer: Paying medical expenses with money in your HSA costs you less than if you paid for your out-of-pocket medical expenses, deductibles, or co-pays, and so on with the money in your regular checking account.

The benefits of an HSA

There are many benefits to an HSA.

  • Tax-free payments. The money is never taxed if it’s used for qualified medical expenses, such as services by licenses health providers, diagnostic services, and prescriptions.
  • It’s your money. When you or your employer makes a deposit into your HSA, it is stays yours until you spend it. There is no “use it or lose it” rule. The money travels with you even if you change plans, change employers, or retire.
  • Invest your HSA dollars. You can invest your savings in a variety of investment offerings, but any investment considerations need to be made in partnership with you financial consultant to ensure that the choices you make are the best ones for you.
  • Save for retirement. Use the account to save for retirement, if you wish. At age 65, you can start using your HSA dollars for expenses other than medical expenses. HSA withdrawals for eligible health care expenses will continue to be tax-free. HSA withdrawals for non-medical expenses, will be taxed at your current tax rate, but no additional IRS penalty would apply.
  • Use HSA for your family. Pay for the qualified medical expenses of anyone you claim on your taxes, even if you’re only enrolled with single coverage. However, if the tax dependent isn’t covered under your plan, his/her expenses won’t be applied toward your deductible.

More money in your pocket 

New AWANE Consumer Driven Health Plans (CDHP) with health savings accounts (HSAs) provide you with a vehicle to put away money, tax-free, for your health care. The best part? It’s always yours.

What is a CDHP? CDHPs most commonly refer to offering a high deductible health plan (HDP) that is paired with a personal savings account, such as a Health Savings Account (HSA), for out-of-pocket costs.

What is a HDP? An HDP is a plan that has a deductible higher than the deductible in a more traditional plans for the cost of your medical expenses before the insurance company pays for the cost of any medical expenses. There are numerous advantages to this type of plan.

  • Monthly premiums are typically lower than in traditional health plans.
  • These plans are coupled with a tax-favored “personal savings account”. 

Please contact us today to learn more about these (and more) AWANE health plans.

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AWANE PO Box 838 • 2-4 Main Street Peterborough, NH 03458

 (800) 258-5318

 (603) 924-9449

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