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"My agents at Rapid Quote Insurance gave a detailed and step by step explanation of all my options and choices for health insurance coverage. Because of this information, I was able to save money and receive the same benefits as my previous health insurance policy". - Lisa Moore, California

Health Savings Accounts

A Healthy Alternative for Health Insurance

Rapid Quote Insurance understand the rise of health care costs, especially health insurance premiums, that is why we help people find seeking alternative health insurance solutions to help with their health care expenses. Health Savings Account (HSA) is a newer plan, initiated in 2003 to help health care customers to set aside money for health care tax-free. Learn How Health Savings Account Work.

Health Savings Accounts have differences from other health insurance products, such as Flexible Spending Accounts and PPOs, because HSA rolls over from year to year (there is no "use it or lose it"). Furthermore, interest is paid on the account, money disbursed in the account may be invested in mutual funds, therefore you, the health insurance customer, is the owner as opposed to your employer.

For a customer to be able to benefit from a HSA, a High Deductible Health Plan (HDHP) must cover them. HDHP is known as a relatively inexpensive health care plan that mostly doesn't cover your deductible the first several thousand dollars of health care expenses; however will cover you after the first several thousand dollars. A HDHP usually has lowers costs compared with traditional health care coverage (for example $300/mo. in premiums vs. $200/mo. for an HSA), therefore the money that a customer is saving on their insurance plan can be placed in a Health Savings Account. This means that the capital in a HSA serves to pay for the expenses the HDHP doesn't cover.

Places and associations that can help you set up a HSA are insurance companies, banks, credit unions, and other dedicated companies. Employers are also capable of establishing an HAS plan for employees as well. Currently, you can contribute up to $2,850 annually for individual coverage or $5,650 for families (people age 55 and older can make an extra catch-up contribution of $800).

You may be Eligible for a Health Savings Account. Recent updates, as of 2007, for a customer to qualify to initiate a HSA, their HDHP minimum deductible must be at least $1,100 for self-only coverage or $2,200 for family coverage. Annual out-of-pocket costs, including deductibles and co-pays cannot exceed $5,500 for self-only coverage or $11,000 for family coverage.

Health Savings Accounts do have age restrictions – you are eligible if you are under age 65. If you are receiving VA benefits or enrolled in Medicare you cannot institute and put into to an HSA. If you had an HSA before you enrolled in Medicare or began receiving VA benefits, you can keep it but cannot continue to make contributions into the account.

Furthermore, in order to open an HSA you cannot be covered by another health insurance policy that isn't a qualified high-deductible plan (either as an individual or a dependent), although you can still have other disability, dental, vision and long-term care insurance policies (outside of Medicare and VA benefits).

The Benefits of an HSA. Many health insurance experts acknowledge that HSA provides tax advantage.

A significant benefits is an ability to pay your out of pocket medical expenses with pre-tax dollars. HDHPs have high deductibles and an HSA basically is a savings account; Health Savings Accounts therefore greatly benefit healthy individuals as opposed to individuals requiring considerable medical care. This means the fewer times you utilize it, your opportunities to gather a amount of money in the account are greater.

Experts agree that an HAS is a smart investment for healthy individuals. Health care customers who don’t use it a lot will be the beneficiaries. Prior to opening an HSA, you should recognize how frequently you visit a doctor and you medical circumstances.

Once you decide that you and your family will benefit from an HSA and it is a superior investment to common health insurance, an HAS will allow you to make payments on present health costs and accrue for future qualified retiree and medical health expenses on a tax-free basis. Meaning that you are in control of the money accrued in you Health Savings Account. Therefore, your health plan choices are in your hand and you don’t need to rely on a health insurance decision maker or other third parties. Decisions will be made by you as to the various investments you make in the Health Savings Account in order to see growth.

Health Savings Account sites will help you educate you and provide you with more information about Health Savings Accounts . www.HSAInsider.com and www.HSADecisions.org.

Call us today (888) 865 4455 or click here and we will provide you with information and guidance. At Rapid Quote Insurance we are here to provide you with education and knowledge about health insurance. Read about the positives of HSA »