What is a Health Savings Account?
A Health Savings Account (HSA) is a trust or custodial account, and may be offered by insurance companies, banks, and organizations approved by the Internal Revenue Service (IRS) to administer IRAs. It is combined with a low-premium/ high-deductible insurance policy, designed for individuals or families in order to fund health care expenses and medical insurance. Participants are encouraged to invest the premium savings in a medical savings account by making tax-deductible contributions to the HSA. Medical expenses are paid out of the account until the deductible is reached. Unused monies in the account may be rolled over tax-free and may be invested to pay for future medical expenses and more general uses after retirement.
Who is eligible for a Florida HSA?
Since you no longer need to be self-employed, anyone is eligible who has a conforming health insurance plan.
What Are the Benefits of an HSA Plan?
Access to Services
Either a qualified individual or an employer can make contributions,.
How much can I contribute to my Florida HSA?
of the annual deductible for an Individual
What happens to my HSA at the end of the year?
The money in your account belongs to you. You can roll the money over for future medical expenses or save for retirement. You own the account not the insurance company or the employer.
How do I get money out of my HSA for medical expenses?
You can write a bank check, which is supplied to you when your account is opened. You can also write a personal check and reimburse yourself from your HSA account.
How do I get a Florida HSA Plan?
Unfortunately, many health insurance agents and carriers have avoided Health Savings Account plans. SInce the premiums for these plans are lower, many commissioned agents do not sell these plans. It also requires more than an "order taker" to properly explain these plans and how to best utilize their features. Use the Florida Health Insurance link at the top of this page to reach an HSA specialist.
A more complete explanation can be found by clicking this Florida HSA Plan link
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