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Health Savings Account (HSA)Accounts
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Florida Health Savings Accounts
Florida Health Savings Accounts can help you save money on both your insurance premiums, and your income taxes. Because HSA s must be paired with a high-deductible health plan, your health insurance premiums are normally much lower than a typical plan that has a $500 deductible. And there is no other investment that offers a tax deduction today along with a tax deductible withdrawal tomorrow. The savings from the lower premiums along with the tax free deductions could be $5,000 or more every year.
National Insurance Services of North America Inc... NISONA provides free online Florida Health Savings Account information, and Health Savings Account quotes for residents, business owners, their employees, and the self employed, Affordable HSA Quotes, from top rated HSA Insurance Companies, with easy online application process. This information will give you the ability to take better control of your health care expenses.
Florida Health Savings Account Information
- Lower your health insurance premium by 30- 50% by switching to a Florida Health Savings Account plan today.
- Our typical client saves $80 - $250 per month with a Health Savings Account when they switch from a traditional health insurance plan to a Health Savings Account plan.
- Reduce your income taxes up to $1,500 - $1,700 each year
- Any money you deposit in your Florida Health Savings Account is 100% tax deductible, and can be withdrawn to pay for medical expenses, tax-free.
- Build an additional retirement account of several hundred thousand dollars for added retirement security.
- 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 At age 65 the money can be withdrawn penalty free for any reason.
Florida Health Savings Accounts | HSA's are simple and easy to understand
A Florida Health Savings Account is a tax-favored, tax deductible savings account combined with a qualifying high deductible health insurance plan. By allowing you to deposit tax deductible funds into an account that you can use to cover medical costs. Health Savings Insurance Plans enable you to take control of your own health care decisions. HSA health insurance quotes are available 24/7.
Florida Health Insurance Companies that offer Health Savings Accounts
First you must have a high deductible health insurance plan that qualifies to be partnered with an HSA. These plans are available through various insurance companies. Health insurance Companies include Aetna, Blue Cross Blue Shield, Celtic Life, GoldenRule, Fortis, Humana, United Healthcare, and many more, depending on what part of the country you live. The plans are all similar in the fact that they have High deductible health plans between $1,500 and $5,650 for singles, and between $2,200 and $10,500 for families. Click Florida Health Insurance Instant Quote to begin your Florida health insurance comparison..
Once your insurance policy has become effective, you may fund your HSA account.Tax Deductible Health Savings Account Contributions
HSAs allow you to deduct from your federal income tax 100% of the amount you contribute to your health savings account, up to $2,700 for singles or $5,450* for families. Whatever you deposit into your account by April 15 is an above the line tax deduction for the previous year's income taxes, meaning you get a federal income tax deduction for money you put in even if you take the standard deduction and don't itemize deductions.
If your employer makes an HSA contribution for you, it is "excluded" from income, and not subject to any income tax or FICA. Either way, this will immediately reduce your federal income tax due for the year. Most states also allow you to take a state income tax deduction for HSA contributions.Tax subsidized Medical Expenses
Even though you have received a tax deduction by putting your money into this account, the money is still yours to spend tax free, as long as you spend it on qualified medical expenses. Since you have a high deductible health plan, this would of course include any expenses you incur from going to the doctor, purchasing prescription drugs, or paying other expenses toward your deductible. Once your high deductible health insurance deductible is met, the health insurance covers your medical expenses as defined in the policy.
In addition to being able to withdraw your money tax free to cover these types of expenses (which might otherwise be covered by a traditional low-deductible high-premium policy), you can use your HSA account to cover other costs that would not normally be covered by a health insurance policy.
- Dental expenses. Individuals can typically only purchase dental discount plans, or fairly expensive dental policies with a limited choice of dentists. Coverage for braces is normally very limited. Any of these medically necessary procedures can be paid for from your HSA account.
- Mental therapy. This includes the charges of psychiatrists, psychologists, psychoanalysts, and psychotherapists.
- Physical therapy. This could include hydrotherapy, chiropractor services, or medical massage therapy.
- Alternative treatments. This could include acupuncture, Ayurvedic Medicine, aromatherapy, homeopathy, Traditional Chinese Medicine (TCM), nutritional consulting, or even healing services provided by a Christian Science Practitioner or other type healer.
- Transportation and lodging expenses. When related to health care
- Charges incurred as part of a preventative health program. This could include vaccines, blood tests, metabolism tests, and other lab tests, and even fees paid to a health institute or vitamins if prescribed by a doctor.
- Nonprescription medications such as aspirin or cough syrup
- Special fees incurred by handicapped individuals, including wheelchairs, telephone or TV equipment to assist the hard-of-hearing, the cost and care of guide dogs, or special school costs for the handicapped
- Maternity expenses that are not covered by your health insurance policy
- Insurance premiums to pay for qualified long-term care
Also note that the HSA account can be used to pay these expenses for any spouse or dependent member of the family, even if they are not covered under the insurance policy.