Simple HSA Plan

Simple HSA offers affordable coverage AND savings through an optional tax-favored Health Savings Account (HSA).

This high deductible, broad coverage health plan is ideal for people who want premium savings combined with greater control over how their healthcare dollars are spent.

What is an HSA?
Health Savings Accounts (HSA’s) combine a tax-favored account with high-deductible health insurance. HSA’s offer the following tax advantages:
• Tax-deductible: Contributions to the HSA are tax-deductible, just like an IRA.
• Tax-deferred: Interest earnings accumulate tax-deferred.
• Tax-favored: Distributions from an HSA for qualified medical expenses are tax-free. APPLY FOR A Free QUOTE TODAY

What are qualified medical expenses that allow for tax-free distributions from an HSA?
Qualified medical expenses include:
· Out-of-pocket medical expenses such as amounts applied to your deductible and coinsurance amounts.
· Certain expenses such as:
· COBRA coverage
· Qualified long term care insurance
· When individuals reach age 65 and over:
· Any health insurance (such as Medicare) premium, other than Medicare supplement insurance
· Premiums for individual health insurance other than a Medicare Supplement
· Retiree medical premiums under an employer plan
The maximum annual HSA contribution is the lesser of 100% of the annual deductible under the high deductible health plan or an indexed amount which varies by year.

HSA’s offer:
· Financial Savings – high deductible plans are typically less expensive and deductibles can be paid with tax-free dollars.
· Financial Growth – you keep what you don't spend and there are many investment options for HSA funds.
· Choice – funds remain under your complete control and what is not spent, accumulates. Fund balances follow you if you change employment.

Who is eligible to have an HSA?
Eligible individuals must be covered under a high deductible health insurance plan.

You can not set up an HSA if:
You do not have a high deductible health plan
You can be claimed as a dependent on another person’s tax return
You are entitled to Medicare benefits
You have other insurance that does not qualify as a high deductible health plan [exceptions include: coverage for accidents, disability, dental care, vision care, long term care, specified disease or illness and insurance paying a fixed amount per day (or other period) of hospitalization].