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What About HSA Plans? Why Should I Buy One?
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What If You Could Buy Health Insurance That Could Do The Following:*
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Pays up to 5 million dollars of benefits
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Use tax free money for Health, Vision, and Dental expenses
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Use tax free money for some over-the-counter medications
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Use tax free money for maternity costs
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Use tax free money to purchase long-term care insurance
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Use tax free money to make your premium payments if unemployed
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Use tax free money to build extra retirement income
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Use tax free money to 'save' or 'invest' with no tax on the potential gains
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Save on your taxes every year, and your money NEVER expires!
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You do NOT need to be self employed to participate
ARE YOU READY FOR HSA -
HEALTH SAVINGS ACCOUNTS? WE ARE!
*See
IRS regulations for complete details and view your Health Insurance
policy for specific coverage and terms and conditions.
Information for educational purposes only - not responsible for
inaccurate information. |
What is a Health Savings Account?
A
HSA is a high-deductible medical plan, where you can also 'save' money
TAX FREE into a HSA account. HSA's are the future of health
insurance in the United States. It allows you to cover small
expenses (such as office visits) with tax free money - and the health
insurance covers MAJOR expenses such as hospitalization and other
surgeries.
How does it work? Is it complicated?
HSA's
are VERY EASY. We believe in HSA's and recognize the savings you
can attain by having one of these plans. All you do is run an instant health insurance quote
and select a HSA compatible health plan. We sell HSA plans from
Unicare only - as we feel they offer the best values on the
market.
All you do is select the HSA COMPATIBLE plan that
fits your needs the best. The application process is exactly the
same as buying any other health insurance. All that we do is sell
you the HSA COMPATIBLE health insurance plan - what you choose to do on
the savings side is up to you, we have nothing to do with this.
Do I have to be self-employed to purchase a HSA plan?
No. This was the case prior to 2004 - but HSA plans are now available to everyone.
Where do I open up the 'savings account' side? Is this tied to my health insurance?
We
recommend HSABANKUSA.COM - but you can use your local bank, brokerage
firm, or anyone else who offers HSA accounts. You are NOT
required to open the savings account side - but if you want to take
advantage of the tax savings, it is highly recommended.
Why should I put money into a 'savings account'?
HSA
contributions are tax-deductible, similar to contributing to an IRA,
etc., You will then receive an ATM card with the Visa / Master
Card logo, or checks. When you have medical, dental, or other
expenses - you simply use the tax free money you have contributed to
your HSA account. This is great for office visits, prescriptions,
meeting high deductibles, dental expenses, over the counter
medications, and much much more. Consult the IRS publication
concerning what qualifies as an HSA expense.
What if I don't spend the money I have contributed?
Do
not confuse this with the 'savings account' option you may have had
available at work - this is different. This money grows interest
tax-free, and never expires. Should you eventually go back on a
group plan, or change to a non-HSA plan - your money will continue to
grow (although future contributions may be prohibited).
How much can I contribute to my HSA account?
Generally
up to the amount of your deductible with limitations set by
the IRS. You can also contribute $0 - if you wish.
Contributions are not required, and are controlled by the HSA account
owner - we will never consult you on saving into your HSA account.
Can a HSA account help with maternity costs?
Yes.
As you may have noticed - Individual Health Insurance in Texas does not
cover the cost of maternity. However, if you have some discipline
and contribute to a HSA account - you can pay for maternity expenses
with your HSA money (tax free). This can provide you substantial
relief if utilized properly.
Do I have to have open a HSA account before applying for a HSA Health Insurance Plan?
No.
You simply apply for a HSA Health Insurance plan - if you are approved,
you will then be able to open a HSA savings account (if you
choose). The health insurance and HSA savings account are not
tied together in any manner.
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