Arizona HSA Plans

Health Savings Accounts are more similar to Investment Retirement Accounts than they are to traditional health insurance plans. If you own an HSA, you can make non-taxable contributions to the account every year, and can withdraw the money for medical expenses any time it is required. No taxes are paid on withdrawals as long as the money is used to pay for qualified medical expenses. Once you reach the age of 65, you can withdraw money without penalty, for any purpose—not just for medical expenses.

Request a quote today and find out if an HSA is a good fit for you.

Health Savings Accounts and High-deductible Policies

To be eligible to own an HSA, you must be under 65 and also own a qualified High-Deductible Health Plan (HDHP). In addition, you must not be covered by any other healthcare plans. HDHPs have reduced premiums in comparison to other insurance plans, but as the name suggests, they have higher deductibles.

Medical expenses covered by HSAs are much more extensive than those of more traditional health insurance plans, and include the following:

• Dental expenses
• Mental therapy, including psychiatry, psychology and psychotherapy
• Physical therapy such as chiropractor visits
• Alternative healthcare such as acupuncture and homeopathy
• Preventative healthcare
• Healthcare-related travel and accommodation costs
• Maternity expenses (if they are not covered by the HDHP)
• Nonprescription and prescription medicines

The combination of the HSA and HDHP means you can use HSA funds to cover your deductible each year, as well as to pay for medical expenses that are not covered by the policy.

Looking into getting yourself an HSA plan? Begin by requesting an Arizona HSA health quote.

Investing with a Health Savings Account

One of the most interesting aspects of HSAs is that just like an IRA, you can invest the money held within the HSA, with similar rules and restrictions applying. Any investment earnings are non-taxable unless the money is withdrawn for non-medical purposes. In addition, because contributions to HSAs are made using pre-tax dollars, making contributions each year allows you to reduce your yearly income taxes. Note, however, that there is a limit on the amount you can contribute each year. The limit is currently set at $2,850 for an individual HSA and $5,650 for a family plan.

HSAs are a good option for anyone who wants to manage their own health care without having to worry about visiting preferred healthcare providers or completing paperwork for an insurance company before they can visit a doctor. These plans benefit people who are typically healthy, and those who have ongoing medical expenses.

Wondering if an HSA might be a good option for you to consider? Request a quote today and find out.