These days, health care and health insurance are complicated and expensive. With high deductibles and even higher premiums, everyone is looking for ways to make their healthcare dollars stretch. At the Advantage Insurance Network in Cincinnati, OH we have experienced agents who can help you to navigate the maze of terms and policies. Here are some things that need to be considered when you are deciding whether a healthcare savings account is right for you.
A healthcare savings account allows you to save money to pay medical bills and expenses with money you have saved pre-tax. Some employers have set up healthcare savings accounts for their employees but it is not required and if you don’t have an employer or get your insurance somewhere else besides your employer you are still entitled to set up a healthcare savings plan (HSA).
HSAs have great tax benefits and it can save you a lot of money on your taxes. With an employer plan, you will see the savings in your paycheck, with your own plan, you will see the savings when you file your income tax return.
What can you pay with an HSA:
- Deductibles and copays
- Certain equipment
- Glasses and hearing aids
If you set up your own HSA you must have an HDHP ( high deductible healthcare plan) be sure to check that your plan is eligible, it must have a deductible of $1350 for singles and $2700 for families.
For 2019 you are allowed to save up to $3500 for single coverage and $7000 for family and if you are over 55 you can save an additional $1000.
Now that you have some of the facts, why not give one of our knowledgeable staff at Advantage Insurance Network in Cincinnati, OH a call or stop by our office and learn the rest. We will be happy to give you a no-obligation quote and fill in all the other important information.