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Health Savings Account Qualified Health Plans
Before you can establish a Health Savings Account (HSA) and make tax-advantaged HSA contributions, you must be enrolled in an
HSA qualified health plan. Not all high deductible
plans are HSA qualified and here are a few of the
requirements.
Reduced Monthly Premiums & Protection from Financial
Hardship
HSA qualified health insurance plans have higher deductibles
and a single
shared family deductible for families. These plans typically
have more affordable premiums and the money you save on premiums
can more than pay for everyday needs, if you have them. If the
unexpected does happen, you're protected from financial hardship -
that's what health insurance is for.
Deductible Ranges
In 2007, for single person coverage, the minimum deductible is
$1,100 and
the maximum out of pocket is $5,500. For family plans, the minimum deductible is
$2,200
and the family out of pocket maximum is $11,000. The family coverage deductible is a cumulative
single family deductible for all combined family members.
First Dollar Benefits
Many HSA qualified health plans waive the deductible for preventive care
services like well child exams, immunizations, mammogram and
PSA exams. Review the Colorado Health Plan Description for each plan's
specific benefits.
What Deductible is Best for You?
2007 annual HSA contribution caps are $2850 for single coverage and $5650 for family coverage.
However, starting in 2007, you can now select a lower deductible,
but still fund your HSA up to the annual cap. Also,
starting in 2007, for HSA's started mid-year the HSA contribution
can be funded up to the maximum, so long as the account holder
remains HSA eligible for at least 12 months.
In the event that you or your family meets your health plan's deductible, then your
HSA qualified health insurance plan takes care of additional covered benefits,
providing financial protection. See
an example of how an HSA worked for one family.
How to Find the Best HSA Qualified Health Plan
No one insurance company is the best in all situations.
Things like age, zip code, tobacco use and health history will
influence which plan will be best for your specific needs.
We
will review HSA qualified plans
from Colorado's top companies including Anthem Blue Cross Blue Shield,
Humana, Aetna, Assurant Health, American Medical
Security and UnitedHealthcare Golden Rule and more to help you find the
best value on the right health plan. Get
a free personalized quote on an HSA qualified health plan.
MORE HSA LEARNING RESOURCES >
HSA OVERVIEW
HSA BANKING OPTIONS
HSA MULTIMEDIA TUTORIAL
HSA QUALIFIED EXPENSES
HSA QUESTIONS AND ANSWERS
GET A QUOTE ON AN HSA QUALIFIED HEALTH PLAN
Health Savings Accounts are the biggest advancement in health care financing in years is
available to anyone in Colorado with our HSA qualifying high-deductible
medical plans! Call Colorado Health Insurance Brokers at 800-416-4481 for more information and a free quote or Get
a free instant HSA quote.
* See IRS Publication 502
for a list of qualifying medical expenses. You may also reference
the IRS
HSA Questions and Answers bulletin and www.irs.gov
for more information on HSA's and IRS rulings and www.ustreas.gov
for Treasury Department rulings. Colorado Health Insurance
Brokers are not engaged in rendering tax, investment or legal
advice. Federal and state regulations are subject to change. If tax,
investment or legal advice is required, seek the services of a
licensed professional. All terms and conditions of
insurance coverage, including benefits and exclusions, are contained
in the Certificate, which shall control in the event of a conflict
with this overview.
*Plans quoted by Colorado Health Insurance Brokers have the guaranteed
best prices available. Tell
a friend today!
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Health Insurance Brokers serves Individuals,
Families
and Small
Businesses for their Colorado
Health Insurance needs.
