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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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.

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