What is a Health Savings Account Plan

Health Savings Account is a tax-favored savings account combined with a qualifying high-deductible health insurance plan. By allowing you to deposit tax-deductible funds into a health savings account that you can use to cover medical costs, Health Savings Accounts enable you to take control of your own health care decisions. One of the key aspects to health savings accounts is a system that is responsive primarily to individual consumers, rather than to third-party payers. This concept is know as consumer driven health care.

First, you need to purchase a high-deductible health insurance plan that qualifies and can be partnered with a Health Savings Account. Many carriers offer them now and the plans are all pretty similar with some having the option for deductible waiver for Preventative Care Visits to cover things like mammograms and pap-smears along with other routine testing, and some not. Deductibles that I normally sell are around $2500 for individuals and around $5000 for a family, however, there are many other options lower and higher to choose from.

What's not to like about a Health Savings Account (HSA)? Contributions are deductible, the account accumulates tax-free, and withdrawals used for medical expenses are tax-free. I personally cringe when I see someone paying nearly a $1000 a month to insure their family, yet they are hardly even utilizing the benefits that they are paying so much for. My first suggestion to them always is to look at going with a high deductible health savings account compatible plan and put into their own HSA Account the money they are saving on their premiums. Why give it to the insurance company? Pay a smaller premium to the insurance carrier and with the money you are saving set up the HSA Account and control your own health expenditure's.

Lower your health insurance premiums by 30-50%, yes you can lower it that much! Our typical client saves between $80 - $250 per month when they switch from a traditional health insurance plan to a Health Savings Account plan, some save even more!

Reduce your income taxes up to $1600 to $1800 a year - all Health Savings Account deposits are 100% tax deductible, and can be withdrawn to pay for medical expenses tax-free up to $3000 for a single person and $5950 for a family.

Build a medical retirement account of several thousand dollars - the funds in your HSA are always yours, and grow tax deferred like an IRA. At age 65 the money can be withdrawn penalty free for any reason.

So, have you been thinking that you need to get in control of your health care expenditure's? Are you tired of paying too much for insurance you never seem to utilize, or are you one of those uninsured that think nothing will happen to you and you don't need ANY health care coverage? HSA's are changing the way Americans think about health care, and their money, and giving new options to those uninsured individuals.

If this is something you feel you should investigate, don't hesitate, I give absolutely free consultations and will let you know if this is an option that makes sense for you. I work for you, not the insurance companies, but I get paid by them, you won't pay a penny to me. I am licensed throughout the U.S. in several states and am only a phone call away!

Lorraine Allen
REGIT, Inc.
1200 Roosevelt Rd.
Suite 115
Glen Ellyn, IL 60137
Toll Free (800) 537-9786 x1067
Direct (630) 652-1067
Fax (630) 495-1881
E-mail - lallen@regitinc.com
LinkedIn - www.linkedin.com/in/lorraineallen