Testimonials: "My HSA along with my health plan is the
smartest & most efficient way for me to maintain health insurance.
Thanks for your knowledge and understanding of this product I am
saving over $ 4000 a year in premiums" "Thanks again" J. W. McBeal
"I wish I had an HSA with you 10 years ago.
It makes me sick knowing I paid for benefits in my health plan that I
never hardly used and wasted my hard earned cash" Thanks for showing
me how not to throw away my money and to use it better" Thomas Payne
"I appreciate your attention to detail and
your conscientious attitude toward your clients." Marie W Ponte Vedra,
Talk to an agent now by calling
The next generation of HSA's ( Formerly MSA's) became available
January 1st 2004 to all Americans not covered by Medicare.
Since January 2004 until now there have been more than 6.1 million HSA accounts
and HSA qualified insurance plans set up. HSA's are expected to grow to over 10
million in the next 5 years. This type of health insurance plan is the trend in
health insurance for both employer group plans as well as individual and family
WOW! Congress made an already cost effective way to provide health
insurance to employees, individuals and family's and the self-employed even better.
The HSA Details...
What is an HSA?
The HSA, which stands for (Health Savings Account), is a tax-sheltered savings
account similar to an IRA, but contributions are earmarked for medical expenses
and can be withdrawn tax free. Deposits into the account are 100% tax deductible
and can easily be used to pay for medical expenses. Withdrawals for the small
and routine medical expenses including the deductible are paid for with tax free
dollars, once the HSA Qualified plan deductible is met during the calendar year
the insured ceases paying for medical expenses out of the HSA account and the
insurance company pays.
Where do the contributions go?
Contributions are deposited into a qualified HSA account either with an HSA
administrator recommended by the insurance company or a 3rd party HSA account
provider. What is not used in the account each year stays in the account and
continues to grow interest on a tax favored basis to supplement retirement just
like a traditional IRA. Medical expenses before the deductible is met and as soon as the account is set up and contributions
are made can be withdrawn tax
free for qualified medical expenses. These tax free contributions are in addition to any other retirement plans you currently have and
will not effect those plans in any way. Except of course, to lower
your tax bill. The contributions made into the account are over and above the
premiums you pay for the qualified HSA insurance policy.
What if I have a large medical bill?
Larger medical expenses are covered by a low cost HSA qualified health insurance
How do I save money on my medical bills?
When an HSA is combined with a higher deductible, HSA qualified health
plan (required) then the HSA and the insurance policy is meant to
replace a much higher cost, more restrictive, traditional health
insurance plan. Traditional health plans with co-pays are typically 30
to 70% higher in cost, more restrictive to use than an HSA and still
leave you with out of pocket expenses most people don't expect to pay.
How does it Work?
Take the premiums you currently spend on a high cost
traditional individual or group plan and split it into 2 parts. One part will go to pay
for the lower cost higher deductible health insurance plan and the
other part. "The amount saved" would go into the HSA account. There is
complete flexibility on where the saved part of the premium goes. (We
discuss this before you apply for the qualified insurance policy and again at application time.)
The savings placed in the HSA account can be used for the small
medical expenses until the deductible is met.
Should the need arise for a larger medical expense the higher
deductible health plan would kick in and limit the out of pocket
expenses to the selected deductible each year.
What applies to my deductible?
All covered medical expenses apply to the deductible each year
including Doctors office visits, Prescriptions, and any major medical
claims. HSA family plans have one deductible for the entire family.
So, all covered medical expenses for the entire family apply to one
How many deductibles are there?
No more deductibles for each family member. There is only one
deductible for the entire family when 2 or more people are covered on
the same plan. We typically suggest a
100% co-insurance level to limit the entire out of pocket expenses to
the chosen deductible.
What else can the HSA be used for?
Tax free dollars can also be used to virtually pay for all other
medical expenses typically not covered under traditional types of
health plans like dental, eyeglasses, contact lenses, Lasik eye
surgery and much more. Click here to see examples of both
Qualified Medical Expenses and
Non-Qualified Medical expenses.
The many other benefits to the HSA's are outlined in detail when we
meet for an appointment either by phone or in person.
We understand HSA's. We know how to set them up for simplicity. We
know how to explain them to our clients.