Major Medical Health Insurance Rates

HSA health insurance plans are offered by most of the major companies such as Aetna, UnitedHealthCare, Humana, Cigna and many of the Blue Cross Blue Shield companies.  Typically, HSA (Health Savings Accounts) rates are substantially lower than most medical plans and provide a great alternative to traditional coverage. If major medical health insurance protection is your priority, and office visits and prescriptions are rarely used, an HSA could potentially save thousands of dollars in premiums. We quote HSA coverage at the lowest costs published by each carrier.

By utilizing the “Get Free Quotes” button at the top of the page, you will be able to easily view your options.

What Is HSA Health Insurance?

HSA health insurance is an inexpensive medical policy that becomes your health care. It is an  account that allows you to pay for your medical expenses and also save money for anticipated future qualified health, dental and vision expenses on a tax-free basis. “A High Deductible Health Plan” (HDHP) works with an HSA and provides the major medical protection. Since an HDHP typically costs less than a standard health insurance plan, the savings can be deposited into the Health Savings Account and accessed at any time. But you do NOT have to set up the account since it is optional.

What Are Some Features Of An HSA?

An HSA allows you to reduce your federal income tax by depositing funds into an account that you own. Typically, a bank of your choice is used and the current maximum contribution is $3,100 for individuals and $6,250 for families.  You do have to use the money for “qualified”  expenses to qualify for the tax deduction. Also, almost always, preventive benefits are not subject to a deductible on the insurance portion. And other healthcare expenses will often receive a “negotiated network repricing” that can substantially reduce your out of pocket costs. This reduction can be as much as 50% or more, especially on laboratory tests or X-rays. Office visits tend to receive a smaller discount of approximately 10%-25%.

How Will National Healthcare Reform Affect An HSA?

In March of 2010, Congress spared the tax break that HSAs offer. Legislation, in fact, may make HSAs more popular than ever, especially if you are eligible for little or no tax subsidy from the government. HSAs have been in existence since 2004 and are very popular. One minor change is that over-the-counter medicines are no longer a qualified expense that can be paid from your HSA. It is believed that HSA qualified health plans will continue for many more years. And of course, there is much debate in Congress regarding the future of Obamacare. There is a possibility that Obamacare will never be fully implemented in 2014, as expected. A Supreme Court ruling is expected by the summer of 2012.

Can You Have An HSA Without Having An HDHP In Your Own Name?

Yes. As long as you are covered under an HDHP, you can become eligible. Of course, you would have to meet the other  requirements. It is very common to have an HSA while your HDHP is in your wife or husband’s name. And of course, your dependents can be included on the policy.

What Are The Maximum Contributions For An HSA?

The maximum contribution for 2012 is $3,100 for an individual and $6,200 for a family. The annual maximum contribution changes at the beginning of every year based on the Consumer Price Index (CPI). An additional contribution of $1,000 can be made by anyone that turns 55 before the end of the year.

Is An HSA The Same As A Flexible Spending Account (FSA)?

There are similarities. Both contracts allow you to pay for qualified medical expenses with your pre-tax dollars. However, with an FSA account, any money  in the account unspent at the end of the year is gone. With your HSA, you don’t lose the money if you don’t spend it and you can withdraw funds at any time.

Are You Allowed To Have Multiple HSAs?

You are allowed to have more than one HSA and you may also contribute into many  accounts. However, your maximum contribution limit does not change and there are no tax advantages to having multiple accounts. In fact, in most situations, it’s better to stick with one contract.

What Happens When You Become Eligible For Medicare?

Once someone is enrolled in Medicare, they can not contribute into an HSA. However, any unused  funds may be used to pay for qualified medical expenses that are not covered under Medicare or a Medicare Supplement policy.