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Effective Date: October, 2010

What is an HSA?A Health Savings Account is a high deductible PPO (tax favored) insurance plan that allows you or a family to set aside pre-tax money to pay for pre-deductible medical expenses. These plans are typically designed for people that want lower premiums, offer preventative care benefits (deductible waived) and are shopping for an insurance plan that has a high deductible to "kick-in" for catastrophic events.
How do I qualify for an HSA plan?You must first apply and be approved for an HSA insurance plan. Once approved, you can open your "HSA Holding Account" at any bank that administrates HSA accounts. Go to "Open an HSA Account" to view different banks that offer these programs.
Where can I shop for HSA plans?At CA-InsuranceFinder.com we offer both traditional and HSA plans. Go to the home page and run a quote for individual, family or group health insurance and at the top of the page click "Show HSA Plans".
What insurance carrier sells HSA plans?In today's market with high insurance premiums all carriers have HSA plans to choose from. Even Kaiser now offers several HSA plan options.
Am I eligible for an HSA? An HSA plan is a PPO plan. Thus, all individuals and families must qualify for the insurance plan and be approved via the carriers underwriting guidelines. Group health insurance does not require health underwriting.
How do I manage my HSA money and account and how much can I/we contribute each year into the HSA holding account?The bank you select to hold your funds will send you a debit card and checks. When you go to any provider you access your funds and pay for the expense with your debit card. Thus, you are paying for your expenses with pre-tax dollars and the amount paid are applied to your deductible. At year-end you will get a statement showing your contributions and this amount is deducted from your gross income. Thus making your contributions "pre-tax". You can contribute to your account monthly or annually. The individual maximum contribution is $3000 and the family is $5950 for 2009. If the accountholder of the HSA is age 55 or older, they are also eligible for one additional catch-up contribution of $1000 (one catch-up per account).
What makes a plan HSA Qualified?An HSA qualified plan (according to the IRS guidelines) cannot offer pre-deductible Rx or co-pay office coverage. The only pre-tax benefit that can be offered is a preventative care. However, all expenses are applied to the deductible and can be paid with pre-tax dollars (if a pre-tax holding account has been opened).

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Things I need to know about Health Savings Accounts

What is an HSA?

A Health Savings Account is a high deductible PPO (tax favored) insurance plan that allows you or a family to set aside pre-tax money to pay for pre-deductible medical expenses. These plans are typically designed for people that want lower premiums, offer preventative care benefits (deductible waived) and are shopping for an insurance plan that has a high deductible to "kick-in" for catastrophic events.

How do I qualify for an HSA plan?

You must first apply and be approved for an HSA insurance plan. Once approved, you can open your "HSA Holding Account" at any bank that administrates HSA accounts. Go to "Open an HSA Account" to view different banks that offer these programs.

Where can I shop for HSA plans?

At CA-InsuranceFinder.com we offer both traditional and HSA plans. Go to the home page and run a quote for individual, family or group health insurance and at the top of the page click "Show HSA Plans".

What insurance carrier sells HSA plans?

In today's market with high insurance premiums all carriers have HSA plans to choose from. Even Kaiser now offers several HSA plan options.

Am I eligible for an HSA?

An HSA plan is a PPO plan. Thus, all individuals and families must qualify for the insurance plan and be approved via the carriers underwriting guidelines. Group health insurance does not require health underwriting.

How do I manage my HSA money and account and how much can I/we contribute each year into the HSA holding account?

The bank you select to hold your funds will send you a debit card and checks. When you go to any provider you access your funds and pay for the expense with your debit card. Thus, you are paying for your expenses with pre-tax dollars and the amount paid are applied to your deductible. At year-end you will get a statement showing your contributions and this amount is deducted from your gross income. Thus making your contributions "pre-tax". You can contribute to your account monthly or annually. The individual maximum contribution is $3000 and the family is $5950 for 2009. If the accountholder of the HSA is age 55 or older, they are also eligible for one additional catch-up contribution of $1000 (one catch-up per account).

What makes a plan HSA Qualified?

An HSA qualified plan (according to the IRS guidelines) cannot offer pre-deductible Rx or co-pay office coverage. The only pre-tax benefit that can be offered is a preventative care. However, all expenses are applied to the deductible and can be paid with pre-tax dollars (if a pre-tax holding account has been opened).