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The combination of health savings accounts and qualified high deductible health plans provide a powerful financial solution for individuals, families, and the self-employed to rising healthcare costs in today's economy.

Find out how much money you could be saving by requesting an instant online quote now!

Or call 877-648-2539 between 8am and 7pm (central time) to speak with a locally licensed agent and get a quote!

There are two parts to this health insurance & financial solution:

The Qualified High Deductible Health Plan (QHDHP)

In order to qualify to use a health savings account, you must own a high deductible health plan that is "qualified" by the IRS. Qualified just means the IRS has approved your health plan to be used with a tax-advantaged health savings account.

Most qualified high deductible health plans have deductibles ranging from $1,200 - $6,050 per person to $2,400 - $12,100 per family, per year.

Health plan basics
You will find that most high deductible health plans don't cover anything until you have reached the deductible (with the exception of preventive care). That's because the point of HSA's is for the insured to take on more medical risk themselves, and in return, receive tax benefits for doing so. There are some exceptions to this rule. 

Some insurance companies cover annual physicals and preventive care before the deductible has been met. Some also have a supplemental accident benefit that helps pay the first set dollar amount of your medical expenses, if it's an accident.

Finding the right qualified high deductible health plan
There are a variety of QHDHP plans available in most states. It's important to know whether or not your plan has preventive care and accident benefits. It's also a good idea to know what the lifetime maximum benefit is on the plan. It's not uncommon to find plans with annual maximum benefits from $2,000,000 to unlimited. Be cautious if it's any lower than $2,000,000.

Other questions to ask when searching for a plan
  • What percentage of medical expenses does the health plan cover, after you reach your deductible? It's common to see percentages ranging from 70% all the way to 100%. The plans that cover 100% after your deductible are attractive because your deductible amount is your out of pocket maximum for the year.
  • Does the deductible apply per person, or per family?
  • Is the plan qualified to be used with a health savings account?

Compare qualified high deductible health plan options & get an instant quote!

Or call 877-648-2539 between 9am and 7pm (central time) to speak with a licensed agent and get a quote!

The Health Savings Account (HSA)

Where to open a health savings account
Most banks and credit unions offer health savings accounts to their customers or members. Also, you can usually open up a health savings account with your insurance company's preferred partner.

How it works
Once you're covered by a qualified high deductible health plan and you've opened up your health savings account, you are eligible to start paying for your medical expenses with pre-tax money. 

Ownership of the health savings account
Although HSA's work similarly to a cafeteria plan through an employer, there are many positive differences:
  • You own the account - not an employer.
  • You don't have to pre-claim how much you will deposit at the beginning of each year.
  • The balance carries over from year to year (it's not a "use it or lose it" account).

Depositing money
You can deposit money in the account anytime you want, or you can leave it at a zero balance until you have medical expenses.  For example, if you go to the doctors office for a minor test, you can stop at your bank or credit union on the way there and deposit money into your HSA.  You can then use your HSA debit card to pay for the charges at the doctor's office, pre-tax.

Contribution limits
There are limits to how much money you can deposit into your account each year. For 2012 the limit is $3,100 for an individual, or $6,250 for a family. If you are 55 or older, there is an additional $1,000 catch up contribution.

Expenses that are eligible to be paid out of your HSA
Here are just a few of the many expenses you can pay for pre-tax out of your health savings account:

  • Contact Lenses & Eyeglasses
  • Dental Treatment
  • Hospital Services
  • Office Visits
  • Lab Fees
  • Surgeries
  • Vision Correction Surgery

Visit our HSA eligible medical expenses page for a complete list.

Tax advantages, low premiums, and taking control of your healthcare dollars sum up the idea of health savings accounts and high deductible health plans. Find out how HSA's can benefit your or your family; call 877-648-2539

Find out how much money you could be saving by requesting an instant online quote now!

Or call 877-648-2539 between 8am and 7pm (central time) to speak with a locally licensed agent and get a quote!
Health Savings Accounts (HSA's)
Health Savings Accounts (HSA's)
& Qualified High Deductible Health Plans (QHDHP's)
& Qualified High Deductible Health Plans (QHDHP's)
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