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HSA Qualified Health Plans

Health Savings Account (HSA) qualified Health Plans or High Deductible Health Plans (HDHP) are now available from most insurance companies.  These plans were designed to offer a tax incentive for qualified health related expenses while utilizing a High Deductible Health Plan with lower premiums.  These plans are regulated by The US Department of the Treasury and require a minimum per person or family deductible.  Program basics can be found in this 2 page Tri Fold PDF file.  Complete details can be found in this 40 page All About HSAs PDF file.

An HSA qualified HDHP must be established before you can open and contribute to a Health Savings Account.  Before any benefits can be paid under one of these plans, the per person or per family deductible would have to be met first.  Therefore all medical expenses and prescription drug amounts covered by the plan would be applied toward meeting the deductible first.  However, plans may allow for certain "preventative care" expenses to be paid on a first-dollar basis. Once the deductible has been met, benefits as outlined by the policy would begin.

Qualified Health Savings Accounts offered by many banks and other financial institutions are utilized to provide tax free funding for qualified medical expenses subject the deductible or maybe not covered by the plan.  Tax regulations and account restrictions are mandated by the US Department of the Treasury.  Contributions are subject to annual limitations and would be tax free as long as funds are utilized for qualified expenses or insurance premiums.  Withdrawals before age 65 for non-qualified expenses or premiums could be taxable and subject to penalty.  It is suggested you consult a qualified tax advisor to analyze your particular situation to obtain possible tax advantages or disadvantages.

If you would like to find out more about pricing and how one of these HSA compatible health plans could benefit you or your family, please contact us .  We would be more than happy to assist you so you can make an informed decision regarding your health insurance benefits.

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