Health Savings Accounts

A Health Savings Account (HSA) plans can lower your premium, reduce your income taxes, and allow you to save money for future medical expenses tax-free.  For these reasons, HSA plans have become the most popular plans we offer. 

Here's why they have become so popular:

• An HSA offers Lower Premiums - Because Health Savings Accounts are paired with a high deductible health insurance plan, the premium savings for an HSA can be up to 50% or more compared to a typical low deductible health insurance plan.  
  
  
• Tax-Deductible Contributions - Contributions to an HSA are tax-deductible.  Annual contribution maximum limits for 2013 are 3,100 for individuals and $6,250 for families.  IMPORTANT: You must have your HSA-qualified health insurance in place before December 1 in order to qualify for a 2013 tax break.
  
  
• Pre-tax medical expenses - Withdrawals are tax-free and penalty-free when made for HSA qualified expenses, including your deductible, birth control pills, contact lenses and eyeglasses, chiropractors, dental treatment, fertility treatment, vasectomies, and even travel expenses incurred while seeking medical care.
  
  
• Tax-deferred growth - Unused funds grow in your account tax-deferred, and can be withdrawn penalty-free at age 65.  There are a variety of investment options, including savings accounts, money market accounts, or a wide selection of mutual funds.

For more information on how HSA plans work, see our brief "How To" Guide to HSAs. 

"A Health Savings Account will slash your health insurance premiums, reduce your taxes, and make all of your medical expenses - including dental, eyeglasses, and alternative care - tax deductible. For most people this is the smartest and most economical way to handle their health insurance needs."

Wiley Long
President
ColoHealth

The following HSA plans are available in Colorado:

• Anthem Blue Cross Blue Shield HSA
• Assurant Insurance HSA
• Humana HSA
• UnitedHealthOne / Golden Rule HSA
• Celtic HSA

Below are some interesting articles on Health Savings Accounts:

• Learn About The Debate Surrounding Health Savings Accounts
  
  
• What an HSA is All About
  

• Tax Benefits of an HSA
  
  
• Health Care in the 21st Century
  
  
• How to Defer More Taxes with an HSA