Comprehensive & Affordable
Health Savings Account
With such a confusing insurance landscape, it’s hard to tell which plan is right for you. Our experienced team of agents will help you decide if you qualify for and would benefit from a Health Savings Account. Our expert advice is always free.
Save on medical expenses by adding a health savings account (HSA) to your high-deductible insurance plan. HSA tax benefits help reduce and cover most out-of-pocket medical expenses. Get free advice from our expert team how HSA can help you save on health expenses. Find out if you quality today.
What is a Health Savings Account?
A Health Savings Account, commonly referred to as an HSA, is a medical savings account designed to help people with high-deductible insurance plans pay for out-of-pocket costs not covered by their insurance. HSA covers smaller medical expenses by providing tax benefits on expenses, interest, and income.
A health savings account will:
- Help control health care costs, lower expenses, and help pay for medical bills
- Cover many medical expenses previously not covered by insurance
- Require a high-deductible insurance plan to be eligible
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Additional features of an health savings account include:
- Tax Benefit – Deposits in an HSA are not subject to taxes at the time of deposit, roll over to the next year, and have other tax advantages
- No Wait Period – If a qualifying medical expense arises, money from an HSA can be used regardless of how long it has been in the account
- Withdrawn Funds – HSA can also function similarly to a retirement account, where policyholders can withdraw funds from the account after retirement age is reached. If funds are withdrawn prior to retirement age, penalties may apply.
When having to pay for a high health insurance deductible, an HSA plan is your personal savings account. You own and control the money, not your employer or insurance provider. But more than a standard savings account, having an HSA provides tax benefits and other advantages to help reduce bills while saving for medical expenses.
A health savings account:
- Allows Others to Contribute:
- Employers, relatives, or others can contribute directly into your HSA policy
- Tax Benefits:
- 100% tax deductible contributions through payroll deposits (can be up to the legally mandated maximum amount)
- Contributions not included in gross income deposits, not subject to federal income tax (verify for Florida), lowers taxable income
- Tax free interest earnings or tax deferred
- Withdrawn funds used for medical expenses do not fall under taxable income
- Plus more:
- Portable – balance remains available even if you change health insurance plans, employers, or retire
- Your Health Care Provider – shop around and select your own health care provider, based on price, service, or history
- Funds roll over yearly, accumulating tax-free interest
When is An HSA Right For You?
Deciding if a health savings account is right for you depends on your situation, looking at the year ahead. When deciding whether a health savings account is right for you, one of our expert agents will be happy to answer your questions and help you decide whether an HSA will fit your needs.
HSA Right For You
- Generally healthy
- Near retirement
- Want to save for future health expense
- Currently have (or will have) a high-deductible insurance plan
- Negotiating benefits package for a new job
Consider Other Options
- Expect expensive medical care
- Difficulty meeting high health insurance deductible
- Over 65 or retired
- Don’t plan to get a high-deductible insurance plan
Starting A Health Savings Account
Some employers will include an HSA option with your salary package. You can start one with us, through your bank, other financial institutions, or discuss it with your upcoming employer as part of your salary package.
When compared to traditional plans, a health savings account features a reduced premium. This along with the other tax incentives helps balance the higher deductible paid to secure health coverage with a high-deductible health insurance plan
Qualifying for an HSA Policy
To qualify for an HSA:
- You must be under 65 years old
- You must currently have a high-deductible health insurance plan
- Your spouse must also have a high-deductible health insurance plan for secondary coverage
- High-deductible health must be your only health insurance (excluding dental, vision, disability and long-term care insurance)
Expenses Your HSA Covers
Your health savings account will cover certain medical and dental expenses that previously would be out of your own pocket.
Qualifying medical expenses covered by your HAS plan (but are not limited to):
- Acupuncture
- Alcoholism treatment
- Ambulance services
- Braille Books
- Chiropractors
- COBRA premiums
- Contact lens supplies
- Dental treatments (including braces and dentures)
- Diagnostic services
- Doctor’s fees
- Eye exams, glasses, contacts and surgery
- Fertility services
- Guide dogs
- Hearing aids and batteries
- Hospital services
- Insulin
- Lab fees
- Midwife services
- Prescription and some no-prescription medications
- Qualified longer term care and Nursing services
- Routine medical visits
- Surgery
- Psychiatric care
- Telephone equipment for the visually or hearing impaired
- Therapy or counselling
- Wheelchairs
- X-rays
The full listing of medical and dental expenses covered by HSA is available through the IRS Publication 502, Medical and Dental Expenses (includes the health coverage tax credit).
Don’t Let HSA Be A Cause For Concern
After securing an HSA policy, one of our agents will be happy to help you save on costs and prevent penalties when it comes to:
- Unplanned Health Bills – unexpected illness can happen. We are here to help with budgeting for your health care expenses, from best to worst case scenario
- Paying Deductible – you pay less on your premium, but will still need to cover your deductible for your plan. Murray offers an affordable high deductible policy
- Recordkeeping – keep receipts of all medical expenses with records of each withdrawal to verify expenses when required
- Withdrawing Funds After 65 – Taxes Applied on Non-Qualified Expenses
- Withdrawing Funds Before 65 – Taxes and 20% penalty on Non-Qualified Expenses
How do I set up a Health Savings Account?
Our team of experts at Murray Insurance has been helping Floridians navigate the confusing Health Savings Account market for 30 years. Contact us to request advice from one of our experienced agents.
YOUR HEALTH SAVINGS ACCOUNT QUESTIONS. ANSWERED.
Is a Health Savings Account the same as a Flexible Spending Arrangements (FSA) or a Health Reimbursement Arrangement (HRA)?
No, generally HSA is the only type of health saving plan that can roll over from year to year. It also allows the enrollee to take the account with them regardless of where the enrollee goes to work. Click here to learn more.
How much money can I put into a Health Savings Account?
For 2017, these amounts increase to $3,400 for single HDHP coverage and $6,750 for family HDHP coverage. These amounts will be increased for inflation in future years.
Who can contribute to a HSA?
- Accountholder
- Individual
- Self-Employed
- Employee
- Employer
What preventative care benefits can a plan offer?
- Periodic health evaluations
- Routine prenatal and well-child care
- Immunizations
- Tobacco cessation programs
- Obesity weight loss programs
- Screening services
Are there income limits on who can have an HSA account?
No income limits affect eligibility. However, if you don’t file a federal income tax return, you won’t receive all the tax benefits.
When can distributions be taken from an HSA?
- HSA dollars can always be used to pay for qualified expenses on a tax-free basis, regardless of age or healthcare coverage.
- If HDHP coverage ends, contributions cannot be made to an HSA, but distributions to pay for qualified expenses are always allowed.
- If reimbursing expenses from previous years, sufficient records must be maintained to prove the expense was not previously reimbursed.
- HSA dollars can be withdrawn for any non-qualified expense prior to age 65, subject to a 10% penalty and regular income tax.
- After age 65, withdrawals can be made to pay for any non-qualified expense, subject to regular income tax.
We Can Help You Find the Right Policy
Instead of trying to navigate the confusing insurance marketplace alone, contact us today to request help from our experienced team of agents. We understand the ins and outs of the industry and will be able to help you find the health savings account that’s right for you and your family. Oh, and our expert advice is always free.
Step 1: Contact an Agent
Our expert team of agents is awaiting your phone call. We have served over 150,000 Floridians, like you, in the past 30 years.
Step 2: Compare Plans
Your agent will work with you, explaining all of your options and giving their expert advice to find the perfect plan that fits all of your needs.
Step 3: Finalize Your Policy
In one phone call, we’ll finalize your policy.