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Health Savings Account (HSA) Plans are intended to help you save for your own medical expenses. To this end, the Federal government provides tax benefits to qualifying savings accounts (HSAs). Insurance companies offer HSA plans specifically designed to work along with the HSA account to cover your medical expenses. These plans typically have a high deductible, and follow a PPO coverage model.
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How HSA Plans Compare
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Important Points About HSA Plans
- The plan has a high deductible. The government set the minimum deductible for 2006 at $1050 for an individual and $2100 per family. Plans vary. Check your insurance company for specific details.
- The high deductible means that your monthly premiums will be fairly low.
- You must have a qualifying High Deductible Health Plan (HDHP) in order to open an HSA. You can open an HSA account through any bank that handles IRAs, through some employers, or through an insurance company.
- Your employer can put a portion of your paycheck tax-free into your HSA.
- Any funds you contribute to your HSA are tax deductible, even if you don’t normally itemize deductions.
- Any funds not used in your HSA in a given year roll over for medical expenses in the future.
- The idea is that the tax-advantaged savings in your HSA account will be available for medical expenses before you’ve reached your deductible amount. Once you’ve paid the deductible, insurance coverage starts.
- After you’ve paid your annual deductible, you will still be responsible for coinsurance (the percentage of medical costs not paid by the provider), which HSA funds can also help cover.
- Other details of any given HSA Plan depends on the insurance company.
For details on which HSA plans are offered in your area, please see the Texas-Health-Plans Providers List.
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