Florida Health Insurance Health Savings Account (HSA)

A Health Savings Account (HSA), is a tax advantaged medical savings account available to taxpayers who are enrolled in a High Deductible Health Plan. Funds that are placed into the account are not subject to federal income tax at the time of the deposit. Unlike a flexible spending account, funds roll over and grow year after year if not spent. The HSA is owned by the individual, which is different then a company owned Health Reimbursement Arrangement.

The HSA funds may currently be used to pay qualified medical expenses any time without a federal tax penalty. However, beginning in early 2011 you will no longer be able to pay for over the counter medications with your HSA dollars. Withdrawals for non-medical expenses are treated very much like those of an IRA in that they may provide tax advantages if taken after retirement age, and they incur penalties if taken out earlier.

If you are interested in a Health Savings Account along with a High Deductible Health Insurance Plan Florida Affordable Insurance can help. Contact us either by phone or through the contact us form on the left side of the web page to start saving money now.

• Humana Health Insurance
• Assurant Health Insurance
• Avalon Health Insurance
• Cigna Health Insurance
• World Health Insurance
• Health Savings Accounts (HSA)
• Short Term/Temporary Insurance
• Guaranteed Issue Health Insurance
• Specific Condition Insurance
• Student Insurance
• Travel Insurance
• Group Health Insurance