HSAs are not just for the young, healthy or wealthy; HSAs help individuals and families reduce healthcare costs while saving for the future especially in Florida. At Florida Healthcare Insurance we love HSA’s and believe they should be your number one consideration when looking for a health insurance plan. We do get quite a bit of questions though on how they work. So we put together a few examples to illustrate HSA’s in Practice.
Here are just a few cases of how HSAs are being used by actual consumers:
Single Female in New York:
- Name: Brenda
Location: New York, NY
Marital Status: Single
Occupation: Freelance Designer (self employed)
Annual Income: $50,000
Deductible: $3,000
Current Healthcare Status:
Emily has no major planned health expenses, only preventive care (covered by insurance under her deductible).
Result:
Emily pays $150 per month for her health plan premium. She contributes $100 per month into her HSA. She spends the money in her HSA, tax-free, on acupuncture treatment and contact lenses.
Single Male in Florida:
- Name: Robert
Location: Tampa, FL
Marital Status: Single
Occupation: Technology Developer
Annual Income: $90,000
Deductible: $3,000
Current Healthcare Status:
Michael is planning on getting LASIK surgery in the next few years and intends to use his HSA to pay for the service.
Result:
Michael’s employer contributes $200 per month into his HSA. He contributed $450 at the beginning of 2007 into his HSA (so that he could reach the maximum contribution of $2,850 by year-end). He does not spend money out of his HSA, and instead pays out of pocket for occasional visits to a chiropractor.
As you can see HSA’s can be used in a myriad of ways. The idea behind them is simple obtain a high deductible medical policy and then open up a seperate HSA account through your financial instiution and fund it to the maxiumum. We recommend HSA Bank due to its simplicity.
Still have questions about HSA’s in Practice? Let our award winning team help you today simply give us a call at 954-282-6891 or send us a message here.
