Health Savings Accounts

One of the most common objections to the purchase of health insurance is that it feels as if you're paying a lot of money and get very little, or nothing in return.

The HSA, or Health Savings Account was created and given favor by the Federal Government to address this concern.

It is said that premiums paid to traditional plans are like rent payments, while HSA payments are more like mortgage installments. Each payment adds equity to your own interests.

With an HSA, rather than giving the insurance company large payments that you will hopefully never use, you pay part of your money to your own interest bearing, tax free savings account, which you then use, at your own discretion to pay for the lesser medical costs.

HSA's plans offer comprehensive medical coverage with a high deductible, making the premiums much smaller than other types of plans.

By taking a portion of your money, normally allocated to higher premium plans and placing it into your interest bearing savings account, you now have the funds to use for any medical expense - including many over the counter items you'd have never have normally considered as medical expenses.

You can even use your funds for dental bills and visions exams. With HSAs you are in control of your money - and you are still covered by your comprehensive health plan for the greater, more costly emergencies.

And with an HSA family plan, there is only one calendar year deductible per family.

One of the greatest aspects of HSAs is that contributions are completely tax deductible, and as long as you use any expenditures for medically related items, your money will remain tax free.

Interest earned is tax free.

The money remains yours and if you don't use it, it just rolls over and keeps earning interest.

The HSA account is part of your estate and can, upon your passing, be transferred at the normal tax rate to your beneficiaries. .

The HSA is yours, it doesn't matter where you work or even if you work - and if you don't spend the money, the money stays with you and continues to grow while earning interest.

Most importantly HSA premiums are lower than traditional health insurance premiums because of the high deductible Once the annual deductible has been met the rest of your insurance kicks in to cover your medical costs.

Another advantage of an HSA is that having a Health Savings Account will encourage you to save money for future medical expenditures. Since you own the account, you decide how much to contribute, whether to use the savings for immediate medical expenses or continue to save the money for the future.

You can even use it to pay the premiums should you become unemployed, or disabled.

Your contributions remain yours and are always available when you need them.

Basically our HSA plans are simple to understand. You apply and become accepted to an HSA qualified health insurance plan. You will then be instructed on how to open your HSA account, add monetary deposits and withdraw those funds to pay for HSA qualified medical expenses.

Learn what options are available to you with a free quote.

Getting a free quote is easy.