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An HSA account coupled to a High Deductible Health Insurance Plan (HDHP) offers you and your family several advantages over buying a traditional lower deductible plan :
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When you submit your information, we secure you multiple free health insurance quotes from top insurers across the nation quickly and easily—so you can move on to other things! Be sure to mention your interest in "HSA eligible health plans" in the comments section of your secure quotes form. There is no obligation and all quotes you receive are free! Your information is safe and will only be given to the companies that compete for your health policy.
A Breakdown of the Cost Savings
The average cost of health insurance was $9,068.00 for a family in 2003 in the U.S., according to the Kaiser Foundation. That is how much money on average, per family, was spent last year on family health care insurance coverage (HMOs, PPOs, fee for service plans) in the United States.
Remember HSAs are two parts: an insurance policy and a tax-free account. So, if you take $3,000.00 of that $9,068.00 (leaving $6,068.00 unspent) and you or your employer purchase a health insurance policy that covers your medical expenses above $5,1,50.00, the high deductible health insurance plan is in place. Now, according to the law, you are allowed to deposit – tax free – up to $5,150.00 to pay for the routine medical care. Withdrawals for medical care are tax-free. Your insurance company may administer the account or you can open the account with an HSA administrator or a bank that offers Health Savings Accounts.
To review, out of the $9,068.00, you spent $3,000.00 on a health insurance policy with a $5,150.00 deductible. The insurance covers your family’s health care costs that exceed the $5,150.00 deductible. Out of the $6,068.00 remaining, you and your employer deposit $5,150.00 into your health savings account. It is now your money. If you leave your employer, it is still your money. It follows you. What you do not spend out of the account rolls over, so if you and your family only have health costs of $2,000.00 this year, you and your family would have $3,150.00 remaining in your Health Savings Account. So, next year, you will start your Health Savings Account with $3,150.00, plus the interest you earned, and you and your employer will add another $5,150.00 to your account, giving you ($5,150.00 + $3,150.00 = $8,300.00) to spend next year. So, you and your employer just saved $918.00 in health care costs in the example above.
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