Health Savings Accounts (HSA) in Bend, Oregon

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An HSA is a tax-advantaged savings account designed specifically for individuals with high-deductible health plans (HDHPs). It allows you to set aside money — tax-free — to pay for qualified medical expenses.

Here’s why they’re such a popular choice in Oregon and beyond:

• Tax-Deductible Contributions
  Contributions made to your HSA reduce your taxable income — even if you don’t itemize deductions.
• Tax-Free Growth
  The funds inside your HSA grow tax-free, similar to a retirement account.
• Tax-Free Withdrawals for Qualified Expenses
  When used for eligible healthcare costs, your withdrawals are never taxed.
• You Own the Account
  Unlike an FSA, the funds in an HSA roll over year to year — and the account stays with you even if you change jobs or insurance plans.
• Use It Now or Later
  Use funds to pay for doctor visits, prescriptions, dental care, or save the account as a supplemental retirement tool.
  

Together, these benefits make HSAs one of the few “triple tax-advantaged” financial tools available to individuals.

If you live in Bend or the surrounding areas and have (or are considering) a high-deductible health plan, an HSA might be the right move. Here’s who typically benefits the most:

• Self-Employed Professionals
  Freelancers and contractors often use HSAs as both a healthcare fund and a long-term tax shelter.
• Young, Healthy Individuals
  If you don’t expect many medical expenses this year, you can use the lower premiums of HDHPs and save money in your HSA.
• Families Looking for Flexibility
  Pay for kids’ medical expenses, dental visits, or even vision care — and save unused funds for future years.
• Small Business Owners
  Offer HSA-compatible plans as part of your employee benefits strategy to reduce overhead while still offering value.
• Pre-Retirees and Early Retirees
  After age 65, you can use HSA funds for any expense — not just healthcare — without penalty (though taxes apply if not for medical use).

Even if you don’t use the funds immediately, many of our clients in Central Oregon view HSAs as a flexible part of their broader retirement planning strategy.

While the IRS publishes an official list of qualified medical expenses, here are some of the most commonly used HSA-eligible costs:

• Doctor visits and copays
• Dental and vision services
• Prescription medications
• Mental health counseling
• Chiropractic care
• Medical equipment (e.g., crutches, glucose monitors)
• Long-term care premiums
• Fertility treatments and birth control

If you’re not sure whether an expense qualifies, we can help you interpret IRS guidelines and avoid potential penalties.

Our team offers personalized support to help you understand and optimize your HSA strategy:

• Plan Selection: We help you compare HSA-compatible HDHPs across multiple carriers.
• Contribution Guidance: Know how much you can contribute each year (and when catch-up contributions apply).
• Compliance Support: We’ll help you avoid common mistakes — like using HSA funds for ineligible expenses.
• Tax Efficiency Strategy: We’ll show you how to align your HSA use with your tax planning and long-term goals.