Health Savings Accounts and You!
First you may asking yourself, what is an HSA? An HSA is a Health Savings Account that works together with high deductible health insurance plans. An HSA will provide you with opportunities to save for current and future health care. A high deductible health plan will cost less, but can still provide quality coverage for your family.
Is an HSA a solution to help you save money and meet Health Insurance requirements?
- Generally, an adult who is covered by a high-deductible health plan (and has no other first-dollar coverage) may establish an HSA.
- HSA’s are beneficial for individuals who are self-employed or those whose employers do not provide health insurance.
- Money in an HSA is tax-deductible, growth is tax-deferred and as long as the money is used for a qualified health need you will not be taxed on the money.
- HSA funds are not use it or loose it. Funds rollover year after year.
In 2014, you can contribute up to $3,300 for an individual or $6,550 for an individual with family coverage.
A high deductible health insurance plan is defined as a health plan with an annual deductible of not less than $1,250 for self coverage or $2,500 for family coverage and must not exceed $6,350 for self-only coverage and $12,700 for family only coverage.
Call us today toll-free at 855-533-1776 to learn if a HSA may be right for you.