A Health Savings Account plan from HSA for America will lower your premiums by 30 – 50%, reduce your income taxes, and help you build an additional retirement account. Average person saves $100 - $300 per month when they switch from a traditional health insurance plan to a Health Savings Account plan. A Health Savings Account is an alternative to comprehensive health insurance; it is a savings vehicle that allows people a different way to pay for their health care. HSAs enable you to pay for current health expenses and save for future medical and retiree health expenses on a tax-free basis.
An HSA - or Health Savings Account - is a tax deductible savings account that some individuals can establish and use to pay for qualifying medical expenses. Health Savings Accounts have been available since January 1, 2004 for American citizens who are under the age of 65 and meet other qualifying conditions. To goal of HSA plans is to help participants save money by reducing their taxes each year and providing them with an investment vehicle that they can use to grow their wealth.
Who is Eligible for an HSA
Approved by the U.S. Congress, a health savings account (HSA) is the newest way to help you manage health care costs and save for future qualified medical expenses. An HSA is an interest-bearing tax-exempt savings account that’s coupled with an economical, HSA-qualified high-deductible health plan (HDHP). HSAs provide you with more control over your health care dollars.
HSA Basics
- You may use the HSA to pay for qualified medical expenses now and after retirement for you, your spouse and qualified tax dependents.
Understanding Health Savings Accounts- HSA's
Health Savings Accounts are designed to compliment high deductible group and individual insurance policies. Consumers often choose high deductible policies in order to pay a lower premium. The amount saved by purchasing the higher-deductible/lower premium policy is contributed to a HSA account to pay for qualified medical expenses.
Health Savings Account: California affordable health insurance options put you in control – and save you money on your taxes.
When you open up a Health Savings Account in California (HSA), you gain significant control over the management of your health care costs, as well as a new tax deduction. Read more about this flexible form of California affordable health insurance and then ask for a health insurance online quote today.
