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Florida Health Insurance |
Florida
HSA Plans
Health Savings Accounts
Florida
Health Savings Accounts offer tax advantages and the lower cost of the
health insurance premiums.
These are high-deductible medical insurance plans attached to special,
interest-bearing savings accounts. The combination of the tax savings
and the lower premiums make Florida HSA plans an attractive health insurance
choice.
What is a Health Savings Account?
A Health Savings Account (HSA) is a trust or custodial account, and may be offered by insurance companies, banks, and organizations approved by the Internal Revenue Service (IRS) to administer IRAs. It is combined with a low-premium/ high-deductible insurance policy, designed for individuals or families in order to fund health care expenses and medical insurance. Participants are encouraged to invest the premium savings in a medical savings account by making tax-deductible contributions to the HSA. Medical expenses are paid out of the account until the deductible is reached. Unused monies in the account may be rolled over tax-free and may be invested to pay for future medical expenses and more general uses after retirement.
Who is eligible for a Florida HSA?
Since you no longer need to be self-employed, anyone is eligible who has a conforming health insurance plan.
What Are the Benefits of an HSA Plan?
1. Value
You save more money with high deductible medical insurance. The first
$1500 to $2500 of medical insurance benefits cost more in premiums than
is returned to you in claims. In contrast, the money paid for health care
through an HSA will be subject to nominal administration fees.
Typically, a family might spend $5,000 a year in health insurance premiums
and get less than $500 in actual benefits. If you cut your premiums to
$3500 a year and put the difference in your HSA savings account, you will
not only lower your premiums, you will have also lowered your taxable
gross income by $1500. It is a win-win situation.
2. Better
Choices
Florida HSAs preserve freedom of choice in terms of choosing doctors,
hospitals and other health care providers. Patients become consumers of
healthcare without the need for referrals, co-pays, etc. Also, a physician's
choice of therapies can be made based on their value to the patient, not
on the basis of the patient's limited insurance coverage.
3. Increased
Access to Services
Certain services not typically covered under traditional benefit plans,
such as long-term care, eye-care and dental care, can be accessed through
an HSA. HSAs place fewer restrictions on the range of medical services
covered.
4. Better
Patient-Physician Relationships
With a Florida HSA plan, the physician-patient relationship is freed from
the intrusion of third-party payors. Physicians don't face external pressure
to withhold beneficial care or to obtain third-party authorization for
proposed treatments, an often time-consuming process.
5. Savings
With an HSA, you may carry balances in your account over from one year
to the next. If medical expenses are low, the HSA allows you to accumulate
and invest funds tax-free. HSA balances can become important savings vehicles
for purchasing long-term care insurance and other post-retirement needs
not covered by Medicare.
Who
can make contributions to an HSA?
Either a qualified individual or an employer can make contributions,.
How much can I contribute to my Florida HSA?
100%
of the annual deductible for an Individual
100% of the annual deductible for a Family
What happens to my HSA at the end of the year?
The money in your account belongs to you. You can roll the money over for future medical expenses or save for retirement. You own the account not the insurance company or the employer.
How do I get money out of my HSA for medical expenses?
You can write a bank check, which is supplied to you when your account is opened. You can also write a personal check and reimburse yourself from your HSA account.
How do I get a Florida HSA Plan?
Unfortunately, many health insurance agents and carriers have avoided Health Savings Account plans. SInce the premiums for these plans are lower, many commissioned agents do not sell these plans. It also requires more than an "order taker" to properly explain these plans and how to best utilize their features. Use the Florida Health Insurance link at the top of this page to reach an HSA specialist.
A more complete explanation can be found by clicking this Florida HSA Plan link
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