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HSA's are tax-free accounts that are paired with high-deductible health insurance. An HSA ( health savings account ) empowers patients to have greater control over their health care decisions.
An HSA must be set up in conjunction with an IRS qualified high deductible health plan (HDHP). Typically, a high deductible health policy will cost much less than a traditional medical plan.
HSA / HDHP Quotes
Advantages of an HSA
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Immediate Tax Savings: all deposits are 100% deductible
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Long Term Growth Potential: The only way to actually "make money" with a healthcare plan. In most cases after $100.00 in your account, you can begin investing in stocks, mutual funds and other investments.
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Tax-Free Withdrawals: Pay for medical expenses covered under high deductible plan with tax-free dollars.
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Additional Tax-Free Withdrawals: Pay with tax-free dollars for some medical expenses not covered under traditional health plans. For example, dental work, vision care, lasik, braces, maternity and qualified long term care premiums.
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More Control Over Your Medical Expenses: HSA funds can be used to pay any provider with no network restrictions.
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Retirement Fund: At Age 65 or upon disability, funds may be withdrawn for non-medical expenses without penalties...but, will be taxed as ordinary income
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Ownership: HSA's are owned by the individual, not an employer and may move with the individual's employment.
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HSA Eligibility Requirements
To be eligible for a Health Savings Account, an individual:
must be covered by a High Deductible Health Plan (HDHP). must not be covered by other health insurance. This does not apply to specific injury insurance and accident, disability, dental care, vision care, long-term care. is not eligible for Medicare. cannot be claimed as a dependent on someone else's tax return.
Information based upon US Treasury Dept. - The Basics of HSAs
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HSA / HDHP Quotes
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Your request
will be processed and/or referred to a licensed agent in your state.
Licensed to sell hsa and health savings account in the following states:
Ohio License #104233, California License #0C94325, Florida License #D072714
Alabama, Arizona, Arkansas, Colorado, Connecticut, Delaware, Georgia, Iowa, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Jersey, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Wisconsin |
