Michigan Health Insurance Plans

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Michigan Health Insurance

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Michigan Health Insurance

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A Health Savings Account , HSA, is a portable, you own it, savings account that allows you to set aside money for health care expenses tax free.

 

You must have a high deductible health insurance plan to open an HSA. Almost any insured bank or credit union can be your HSA bank. If they can offer an IRA (individual retirement account) they can offer an HSA. However, that doesn’t mean they have to offer HSAs.

 

 Different from other insurance products, an HSA rolls over from year to year , with no “use it or lose it,” your money can be invested in mutual funds, and it’s owned by you, not your employer.

 

Think of an HSA like a Healthcare IRA. Considering the high costs of health care today, an HSA offers a wide range of benefits to consumers.

 

Health Savings accounts truly give you total control over where, and how, your health care dollars are spent. Once you understand how they operate, you will begin to appreciate the cost savings and effectiveness of these products.

 

Affordable Health Insurance   

You pay less each month for your high-deductible health insurance premiums.

     

Tax Advantages   

Pre-tax contributions are made to your HSA account. They earn tax-exempt interest and the investment gains on your HSA are exempt as well. Withdrawals from your HSA for qualified medical expenses are tax exempt.  Consult with your tax advisor for more details.

    

Control over your expenses   

You are in control of how, and where your healthcare dollars are spent.  

    

Portability   

You own your HSA  account and it’s yours regardless of where you work or what insurance company you are insured with.

    

Flexibility   

Your HSA contributions can be used to pay for a wide variety of eligible medical expenses not typically covered by other healthcare plans.

     

Planning tools for the Future   

HSA contributions can be directed towards long term investments such as, mutual funds to maximize the future value of your HSA account growth.  

 

Health Savings Accounts

HSA’s