If you want to take control of your health plan, reduce costs, and have top notch health insurance coverage, then a Health Savings Account (HSA) may be your answer. HSAs put control of your health insurance back into your hands and help you and your employees save money.
What is an HSA?
In 2004 the federal government began allowing Health Savings Accounts. In it simplest form, an HSA is a higher deductible health plan along with a tax deductible savings account. This health savings account is used to pay for medical expenses (and other things) up to the health plan’s deductible. You can decide when to add money to this savings account. An HSA is 100% tax deductible. That means any money you don’t spend on medical expenses, you keep. The money deposited by the employer or employee is deductible and any money used from the account for medical expenses is used tax free.
How Much Can You Save With an HSA?
Think about it. If you are paying for family health coverage, that money goes to the insurance company every month. If you go a year without any health insurance claims, that is a years’ worth of money you are not getting back.
With an HSA, the typical health premiums are far less. In many cases, they are half as expensive. The other part of an HSA is a savings account. That part belongs to you, not the insurance company. Our clients regularly reduce their health insurance premiums by 18, 29, and 38% or more.
Does an HSA Provide Good Coverage?
The money is your health savings account is always available for you if and when you have medical expenses up to the deductible. If you don’t use it, you keep the money. If you happen to be unfortunate and have a number of medical expenses in a given year, don’t worry–you still have coverage! Once you reach your deductible, the health plan pays 100% of all qualifying medical expenses for the rest of the calendar year. That includes all qualifying prescriptions and doctor visits.
Why You Should Consider an HSA
Over 70% of the population pays less than $500 on their medical expenses per year. It doesn’t make sense for you to pay for an expensive health insurance policy if you probably won’t use it. That’s what makes an HSA so powerful! You or your employees pay for the little health care expenses through the tax deductible savings account, and the insurance company pays for the big ones. That’s how insurance should work. HSAs place that control back into your own hands, helping you save lots of money along the way.
If you’re tired of switching health plans year after year, in an attempt to reduce your health premiums, then you need to consider switching to an HSA. When I switched to an HSA, I was able to reduce my health care insurance costs by over 55%. While I can’t guarantee that I can do that for you, most healthy individuals are able to save a lot. At worst, we can dramatically reduce the amount of premium you pay to the insurance company.
With rising healthcare costs, it’s important to have high quality health coverage that gives you the best value for your dollar. At Veritas Insurance, we work with you to find you the best coverage available for your needs. Whether you are considering a traditional health insurance plan, a health savings account, or a cost-effective health share plan, we can help you out! Give our Johnson City health insurance office a call at (423) 292-4142 to discuss your needs with one of our health insurance agents.
