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What is a HSA? A Health Savings Account (HSA) is an alternative to traditional health insurance. It offers a tax-advantaged savings account. A HSA always comes with a high deductible insurance plan, therefore it generally costs less. These deductibles can range from approximately $1100 for a single up to about $5000 or so for a family. Some refer to this coverage as "Catastrophic Health Insurance Plans". Consumers fund this savings account in whichever way they prefer, monthly or yearly. Some choose not to fund at all, and that is fine, but they do not have the tax advantage. The HSA (account) enables you to pay for most medical expenses with pre tax dollars. This includes your deductible, most over the counter medicines, other things such as dental, vision and durable medical equiptment, etc. (Insurance premiums are not covered under the HSA) Your funds deposited but now withdrawn each year will carry over to the next year and so forth. The patient is responsible for all costs until the deductible is met. These plans often cover 100% after the deductible is met. Policy details can vary per insurance company. |
