Health Savings Accounts Hsa
What’s the difference between HSA and HIA health care plans?
Sarah H. asked this question, but the only answer she got was wrong. I found out that HIA in this case stands for Health Incentive Account (not Health Insurance Agent, as was suggested by Tom Z.), but I still don’t know what an HIA actually IS. I mean, how is it different from an HSA (Health Savings Account)??
The main difference is the HIA is not tax qualified and the funds in the account are not yours.
With an HSA you put pre-tax dollars into the account. The money can be used for any medical (as defined by the IRS) tax exempt. The money is yours to do as you wish within the guidelines, but if you use the money for something non-medical you’ll have taxes and possible penalties. If you leave the plan the money can be rolled over into another HSA or into an IRA.
With an HIA the insurance company puts money into your account, in essence they are rebating part of the premium. You must use the money only for covered expenses. The money is forfeited if you leave the plan.
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