Health Savings Accounts - Texas HSA Specialist!

Health Savings Accounts, or HSAs, were created as part of the Medicare Reform Act of 2003 and provide consumers a tax-exempt vehicle in which funds accumulate to pay small medical expenses coupled with a high-deductible insurance plan to protect against major medical expenses. These plans were created in response to the rising cost of health care with the intent to give the consumer back the control of their health care costs and in many cases reduce premiums by 30-40% or more on an annual basis.

At Custom Health Plans we specialize in health savings accounts in Texas. Scroll down to read more about HSAs or contact us today to see if a health savings account is right for you.

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Agents are available to help you M-S 8amto 6pm CST at 877-749-2241

Is a Health Savings Account (HSA) Right for Me?

A Health Savings Account, or HSA, is a tax-exempt account with a financial institution in which funds accumulate to pay for medical expenses. They were created in response to the rising cost of health care with the intent to give the consumer back the control of their health care costs as part of a movement towards consumer-driven health-care. HSAs also give financial incentives for employers of all sizes to provide health insurance and individual consumers to have health insurance. HSAs allow you to enjoy tax reductions while having affordable health insurance premiums.

There are two parts to the HSA concept. Before a health savings account can be opened, a qualified High Deductible Health Plan (HDHP) must be in place to cover the individual or family. An HDHP provides health coverage for an individual or family with an affordable premium. The guidelines for an HDHP are determined by the Internal Revenue Service each year. To determine if your plan qualifies, please contact your health plan representative. The current requirements of an HDHP are as follows:

Below are the official minimum deductibles, maximum contribution amounts, and maximum out-of-pocket limits for 2007.

How Does a HSA Work?

When an HSA is combined with a higher deductible, HSA qualified health plan (required) then the HSA and the insurance policy is meant to replace a much higher cost, more restrictive, traditional health insurance plan. Traditional health plans with co-pays are typically 30 to 70% higher in cost, more restrictive to use than an HSA and still leave you with out of pocket expenses most people don't expect to pay.

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What are my Deductible Options?

What applies to my deductible?

All covered medical expenses apply to the deductible each year including Doctors office visits, Prescriptions, and any major medical claims. HSA family plans have one deductible for the entire family per year. So, all covered medical expenses for the entire family apply to one deductible.

How many deductibles are there?

There is only one deductible for the entire family when 2 or more people are covered on the same plan unlike traditional plans that require a deductible for each member of the family. We typically suggest a 100% co-insurance level to limit the entire out of pocket expenses to the chosen deductible.

Minimum Deductibles:

• $1,150 for Individual Coverage
• $2,300 for Family Coverage

Maximum Contributions:

• $3,000 for Individual Coverage
• $5,950 for Family Coverage

Out-of-pocket Maximums:

• $5,800 for Individual Coverage
• $11,600 for Family Coverage

Click here for Free Instant Quote or call now to speak with a licensed health insurance expert.
Agents are available to help you M-S 8amto 6pm CST at 877-749-2241

Why Should I Have a HSA

If you or your employer are tired of sending hundreds and hundreds of dollars each month to your health insurance company, and would prefer to keep a big chunk of that money for yourself to spend on health expenses or save it for the future, then you need to look into a Health Savings Account.

Comparison
Question	HRA	FSA	HSA
Do the funds belong to the employee?	NO	YES	YES
Can the money be invested and the employees earn interest?	NO	NO	YES
Can the employees use the funds for things other than medical expenses?	NO	NO	YES
Can the employee take the money with them if they switch employers?	NO	NO	YES
Do the funds rollover year-to-year?	Generally, NO	NO	YES
Who can contribute to the account?	Employers	Employee	Employer, Employee and/or Individuals

Where Do The Contributions Go

Contributions are 100% tax deductible on your federal tax return. What is not used in the account each year stays in the account and continues to accumulate interest on a tax-favored basis to supplement retirement just like a traditional IRA, but itýs a Medical IRA... These tax deductions are in addition to any IRA's you currently have and will not affect those plans in any way. Except of course, to lower your tax bill.

Other Advantages Of A HSA Plan

Tax free dollars can be used to virtually pay for all other medical expenses typically not covered under traditional types of health plans like dental, eyeglasses, contact lenses, lasik eye surgery and much more. If you are unemployed or laid off and are collecting State or Federal unemployment insurance, then you can use funds from your Health Savings Account to pay for your health insurance premiums and for your routine health expenses -- All TAX-FREE!

The many other benefits of HSAs will be outlined in detail when we meet for an appointment either by phone, live web cast or in person.

We understand HSAs. We know how to set them up for simplicity. We know how to explain them to our clients.

Please contact us at 877-749-2241 with questions.

As HSA Specialists, Custom Health Plans is your #1 source if you are looking for affordable health insurance with the benefits of health savings accounts in Texas. Contact us today at (877) 749-2241 to learn how Custom Health Plans can help with your health insurance and HSA needs or click here to compare quotes from all major carriers online.

 

Conveniently located in Plano Texas in the heart of the the Dallas and Fort Worth Metroplex we can provide you with the personal service you may need when shopping for health insurance.  We provide our individual, family and small business health insurance services to the following cities locally, however we can service clients across the state of Texas:

Addison, Aledo, Allen, Argyle, Arlington, Aubrey, Bedford, Blue Mound, Carrollton, Celeste, Colleyville, Coppell, Corinth, Crossroads, Dallas, Denton, Desoto, Double Oak, Duncanville, Euless, Everman, Farmers Branch, Flower Mound, Forest Hill, Fort Worth, Ft. Worth, Frisco, Garland, Glenrose, Granbury, Grand Prairie, Grapevine, Haltom City, Highland Park, Highland Village, Hurst, Irving, Keller, Kennedale, Lake Dallas, Lake Worth, Lantana, Las Colinas, Lewisville, Mansfield, McKinney, Mesquite, North Richland Hills, Pantego, Pilot Point, Plano, Prosper, Red Oak, Richardson, Richland Hills, Roanoke, Rockwall, Rowlett, Saginaw, Sanger, Sherman, SouthLake, Terrell, The Colony, Trophy Club, University Park, Watauga, Weatherford, WestLake, Westworth, TX