If you already have an HSA and its not with any of these companies please give us a call. Well help you get a plan with one of the best in the business. Sometimes people will just assume they want a plan because the concept makes sense. But, sometimes a plan that's not an HSA makes more sense financially. That is, sometimes a $5,000 deductible HSA might cost the same as a $500 deductible plan that's not an HSA..
These plans, although not understood by many consumers or agents, are really very simple. The plan is just separated into two parts the high deductible major medical plan and the tax-favored savings account.
The high deductible plan covers eligible health care expenses after a high deductible. The deductibles differ with each insurance company but are generally $1,000 and higher for individuals and $2,000 and higher for multiple insureds (parent/child, husband/wife, or family). Prescriptions are covered via the deductible and you wont find co-pays for office visits with this type of plan either. Also, the plan needs to be eligible for an HSA account not all high deductible policies qualify as an HSA as some think. Well help you get the right account. This part of the plan is tax-deductible as just about any health plan would be for a self-employed person.
The savings account, which does not need to be done with the insurance company, can pay for the eligible medical expenses before the health plan kicks in (after the annual deductible). The big advantage to the HSA is that all eligible deposits are 100% tax-deductible and withdrawals are tax-free when used to cover eligible health expenses. Also, this is NOT a use it or lose it plan. This is a use it or use it next year or use it eventually for retirement plan. How much does your current health plan pay towards your retirement? The penalties for non-medical withdrawals are similar to the rules for early withdrawal from an IRA.
Another advantage is that you can use the savings account to pay for things not covered by the health plan, such as dental and vision. Although these expenses dont count towards your deductible, the savings in taxes is still attractive. The higher your tax-bracket, the more attractive these plans are.
If you or your spouse need maternity coverage these plans may not be the best route to travel. The Fortis plan has a maternity option in some states. If maternity is required and not available on the HSA plan, consider another plan for the person needing the maternity coverage the rest of the family could then apply for the HSA.
We like FirstHSA and HSABank as the savings vehicles for HSA plans. Both are low cost with many benefits and competitive rates. We've also added First American Bank which offers a No-Fee HSA. But, you can feel free to use any savings plan you'd like, even if you do just the insurance part with us.
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