Health Savings Account Plan

What Is a Health Savings Account (HSA) Plan?

Health Savings Account plans combine a lower cost, high deductible health insurance plan with a tax-favored savings account. The savings in premiums along with the tax advantages offer a perfect solution to the rising cost of “conventional” health insurance plans. Some of the advantages of an HSA are:

A higher deductible plan provides premium savings
You get a tax deduction on the money you put in your HSA
You can pay for qualified medical expenses with pre-tax dollars
Funds that are not used in your HSA will continue to accumulate, tax deferred, year after year. (Not “use it or lose it!”)

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How Does a Health Savings Account (HSA) Work?

A tax favored Health Savings Account is used in conjunction with an HSA-eligible high deductible health insurance plan. Typically, the monthly premium for an HSA-eligible plan is less expensive than a lower deductible, or “conventional,” plan. Tax free deposits can be made to the Health Savings Account, and those funds can be used to pay for current and future medical expenses until the health insurance deductible has been satisfied. HSA’s can help make health insurance more affordable, and help you better manage your healthcare dollars.

Which Insurance Plans Are Health Savings Account (HSA) Eligible?

To have a Health Savings Account, you must have an HSA-eligible health insurance plan, often called a qualified High Deductible Health Plan. A health insurance plan must meet the following criteria to be considered HSA-eligible:

The annual deductible must be at least $1,100 for an individual, and at least $2,200 for a family.
The total out of pocket expenses cannot exceed $5,500 for an individual and $11,000 for a family

Health Savings Account (HSA) Plans offer lower health insurance premiums, tax advantages, and give you better control of your health care dollars.

Contact Vincent K. Blair today for all of the details and options available to you.