With a high deductible health insurance plan that is eligible for a Health Savings Account,(HSA), you get more than major medical coverage - you also get potential premium savings and tax advantages.
A Health Savings Account works a little like an IRA in as much as funds that are deposited in to your own HSA can build up year after year, tax deferred. However, the money is also available for withdrawal tax free at any time to pay for qualified medical expenses prior to meeting your deductible.
The high deductible health plan may save on premium and your contribution to the HSA is tax deductible.
You may contribute 100% of your eligible deductible into an HSA, subject to annual maximums. At the end of each calendar year, any money that remains in your HSA automatically rolls over into the next year but you can still make another full year contribution. The deductibles levels for HSA qualified accounts are set by the federal government each year.
The HSA qualified health insurance policies have one deductible for all covered persons in your family.
Contact Harold Diers & Company to find out more about HSA qualified health insurance plans or any other type of health plan you may be interested in.
Your contact for health insurance is Jim Spitsen.