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Affordable Health Savings Account Plans
A health savings account is a type of bank account where you can deposit funds earmarked for health costs - all before income taxes are applied. Currently over 50% of HSA enrollees are over 40 years old.
HSAs are not meant to replace your health insurance plan. There’s no monthly fee or premium usually to open an account, although you may also have to pay to have an insurance plan that complements the account.
Health Savings Accounts, known in insurance lingo as "HSAs," were created by the Medicare bill in 2003 and they help people pay for any out-of-pocket expenses, such as doctors’ visits, lab tests, hospital stays, or even common medical supplies.
How Affordable HSAs Work
Health savings accounts may be a good choice for those who have regular medical expenses, who can plan ahead and estimate the costs they expect to have in a given time period. This amount can be deposited into the bank account pre-tax.
The deposited funds can be used and applied to cover co-payments for doctor visits or other procedures - or to buy medical equipment or minor over-the-counter supplies that aren’t covered through a traditional insurance plan. Such supplies may include medical equipment, or even minor things like toothbrushes, orthotics, or more.
Many retailers and pharmacists provide information on their receipts to show which supplies are covered by health savings accounts. Just look for a small initial and comment next to a medical expense. Once you know what your basic expenses will be, you can have that amount put in your health savings account and use it when you need it.
Some plans require you to submit your receipts for reimbursement when you want to take money from the account. Once you deposit funds into the account, they usually cannot be removed or used to pay non-medical expenses.
Partnering with a Health Insurance Plan
Health savings accounts are often offered in conjuction with insurance plans (usually a high-deductible health insurance plan) which is either available through an employer, or purchased on your own.
In order to have a health spending account, you will to at least have a High Deductible Health Insurance Plan (HDHP). The IRS has set these requirements for the High Deductible plans that qualify you to open a Health Spending Account:
2009
- Minimum deductible: $1,150 (single), $2,300 (family)
- Maximum out-of-pocket: $5,800 (single), $11,600 (family)
2010
- Minimum deductible: $1,200 (single), $2,400 (family)
- Maximum out-of-pocket: $5,950 (single), $11,900 (family)
Learn how much you can save with an HSA Plan today!
Affordable-Health-Insurance.com is an informational resource only and not an insurer or broker. The information on this site is provided for research purposes only, and is not necessarily affiliated with any specific carrier. We are not necessarily associated with any provider profiled on our site, and make no guarantees about the carrier affiliation of any broker that contacts you. Coverage options and policies may not be available in every state, and no guarantees of the same are made herein.
