Zimny Insurance Agency
1103 Broadway St.
Alexandria, MN 56308

Fax: 320-762-5433


HSAs in Alexandria, MN & St. Cloud, MN

What is a HSA?

A health savings account (HSA) works like an individual retirement account (IRA) that you own. It belongs to you and the money is yours to keep, even if you change jobs or retire. You don't pay any taxes on the money you put in or take out, as long as you use it for medical expenses as defined by the IRS.

Advantages of HSAs

With a Health Savings Account, you get to control the amount of money that you wish to set aside for medical expenses. All deposits, growth, and withdrawals are all tax-free for your convenience, and most important, your money rolls over each year. Unlike flexible spending accounts, you don’t lose money when your policy renews. Whatever you put into your HSA keeps growing, tax-free.

Although there are limits to the amount of money in which you can deposit to your Health Savings Account each year, as well as qualifications, it’s a great way to help you have a lower premium, supply you with medical coverage if necessary, and help you save for your future medical needs.

Contact an insurance specialist at Zimny Insurance Agency today to learn more about how an HSA can benefit you.

What is a FSA?

A flexible spending account (FSA) is a personal expense account that lets you set aside a portion of your salary pretax and use that money to pay for medical costs not paid for by your health plan. Throughout the year, you can use the money in your FSA to pay for health expenses--these will count toward your health plan deductible and out-of-pocket maximum.

What is a HRA?

A Health Reimbursement Arrangement (HRA) is a medical spending account that is entirely funded by an employer. An HRA reimburses employees and their families for eligible medical expenses. The employers decide what types of expenses are considered eligible. 

An HRA is owned by the employer. You don't put your own money into the account. The money isn't considered part of your income. You don't pay taxes on the money in the account nor when you are reimbursed with money from the account. Your employer or benefits administrator provides details about which expenses are eligible for reimbursement

What is a VEBA?

A Volunteer Employee Benefit Association account (VEBA) is a tax-free health care savings plan funded entirely by the employer. As soon as the employer contributes to a VEBA account, the money belongs to you. You pay no taxes on the balance, the interest earned, or on withdrawals. Your employer must offer a VEBA account in order for you to enroll in it. You must be an active employee and covered under an employer-sponsored medical health plan.