According to Forbes, more than 11 million Americans are now covered by an HSA plan. That’s up 14% in one year and a mind-boggling 87% increase since 2008. Find the Forbes article here.
Health savings accounts were introduced as part of the Medicare Reform Act in 2004. A health savings account combines a high deductible insurance plan (HDHP) with a tax-sheltered savings account that is similar to an IRA.
Deposits into the savings account are 100% tax deductible and can easily be accessed via check or debit card to pay for routine medical bills with tax-free dollars. The high deductible plan provides valuable protection above the selected deductible amount. Premiums are paid to an insurance company to provide the coverage under the insurance plan but those premiums typically are much lower than traditional plan premiums.
You can get quotes from major insurers that offer HSA-qualified high deductible plans through our site by clicking this link: Get HSA quotes.
For additional information, use the “contact” link and drop us an email or give us a call.
Our agency has been marketing these plans since day 1and we’ve been marketing medical savings accounts, the predecessor to health savings accounts, since 1999.