Texas Health Savings Accounts

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What Is A Health Savings Account?

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Affordable HSA Insurance Plans in Texas

At Custom Health Plans, we understand the value of an investment in your health. We’re proud to offer unrivaled HSA insurance solutions to individuals and families across Plano, the Dallas Fort Worth Metroplex, Austin, San Antonio, and Houston, TX. Our team is dedicated to helping you navigate the complexities of the healthcare system and find a plan that provides comprehensive coverage and flexibility. With our HSA insurance plans, you can take control of your healthcare journey and enjoy peace of mind knowing your medical expenses are covered. Let us guide you towards a healthier and more secure future.

What Is an HSA-Compatible Health Plan?

HSA stands for Health Savings Account, a type of savings account where you can set aside money on a pre-tax basis to pay for qualified medical expenses. An HSA-compatible health plan, commonly known as an HSA insurance plan, is a high-deductible health plan (HDHP) paired with a health savings account. This plan offers individuals and families the flexibility and tax advantages to help manage healthcare costs.

Understanding how an HSA plan works can be tricky. But at Custom Health Plans, we simplify the process for you. We partner with reputable insurance providers such as Blue Cross Blue Shield, offering Blue Cross Blue Shield HSA, among other HSA insurance plans. Our goal is to help you make informed decisions about your health care coverage, whether you’re self-employed, run a small business, or need coverage for your entire family.

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Discover the Advantages of an HSA

There are numerous advantages to having an HSA insurance plan. One of the most significant benefits is the tax advantage. Contributions to an HSA are tax-deductible, the growth is tax-free, and withdrawals for qualified medical expenses are tax-free. Another advantage is the roll-over benefit. Unlike flexible spending accounts (FSAs), the funds in your HSA don’t have to be used up by the end of the year. They can roll over and accumulate year after year, earning interest and growing tax-free. This makes HSA insurance plans an excellent option for saving for future healthcare costs. Take a look at some of the additional benefits of an HSA, including:

  • Tax Advantages – Contributions to an HSA are pre-tax, allowing for potential significant savings. Additionally, the withdrawal of funds for qualified medical expenses is tax-free.
  • Rollover Funds – Unlike some health plans, funds in your HSA roll over from year to year. There’s no ‘use it or lose it’ policy, which means your savings can accumulate over time.
  • Investment Opportunities – Some HSA plans allow you to invest funds like a retirement account. This can lead to significant growth in your HSA over time.
  • Control and Flexibility – An HSA gives you more control over your healthcare spending. You can choose when to use your funds and for what purpose.
  • Lower Premiums – High deductible health plans, necessary for an HSA, typically come with lower premiums.
  • Portable – An HSA is linked to the individual, not the employer. If you change jobs or retire, you take your HSA with you.

Contribution Limits for Health Savings Account

HSA contribution limits are set by the Internal Revenue Service (IRS) and are subject to annual adjustments for inflation. For 2023, the maximum you can contribute to an HSA is $3,850 for individual coverage and $7,750 for family coverage. If you’re 55 or older, you can make an additional ‘’catch-up” contribution of $1,000. Being aware of these limits is important because contributing more than the allowed amount can result in tax penalties. At Custom Health Plans, we ensure you’re well-versed with all the rules and regulations surrounding HSA insurance, giving you peace of mind as you navigate your health coverage options. Here is a closer look at the IRS annual contribution limits, minimum deductible, and maximum out-of-pocket expenses:

  • HSA Annual Contributions Limits – In tax year 2023, the individual coverage maximum was $3,850, and family coverage was $7,750. For tax year 2024, the individual coverage maximum is $4,150, and the family coverage is $8,300.
  • HSA Catch-Up Contributions – In tax years 2023 and 2024, it was possible to make an additional “catch-up” payment of $1,000 for an account holder 55 years or older.
  • Minimum Deductible – In tax year 2023, the minimum deductible for individuals was $1,500, and for family coverage, it was $3,000. For 2024, the minimum deductible has increased to $1,600 for individuals and $3,200 for families.
  • Maximum Out-of-Pocket Expenses – In the tax year 2023, the maximum out-of-pocket expenses for individuals was $7,500 and $15,000 for families. For tax year 2024, the maximum out-of-pocket expenses for individuals is $8,050 and $16,100 for families.
  1. All tax references are at the federal level. State taxes may vary. Please consult with your tax advisor.
  2. Contact your insurance provider if you have questions on whether your health coverage is HSA-qualified. Other HSA-eligibility criteria apply including: cannot be enrolled in Medicare, cannot be covered in a health plan that is not an HSA-qualified plan (with limited exceptions), have received VA medical benefits in the past three months, or be eligible to be claimed as a dependent on someone else’s tax return.
  3. Your personal contribution limit may be lower than Internal Revenue Code maximums. Individuals are responsible for monitoring their contribution limits — Wells Fargo does not monitor your contribution limit. Consult your tax advisor with questions about how limits apply to your situation

Explore Our HSA Insurance Plans

Custom Health Plans is your resource for HSA insurance in the Dallas Fort Worth Metroplex, Plano, Austin, San Antonio, and Houston, TX. Whether you’re interested in HSA-compatible plans or Blue Cross Blue Shield HSA options or want to understand more about how an HSA plan works, our dedicated team is here to help. Contact us to learn more about our comprehensive health insurance solutions. With our commitment to personalized service, transparency, integrity, and exceptional customer service, we’ll help you find the health coverage that best meets your needs.

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