Florida HSA Plans
Health Savings Accounts

Florida Health Savings Accounts (HSA Plans) are the new twist to MSA plans. Instead of being available to only the self-employed, they permit anyone an opportunity to use pre-tax money to pay for their medical expenses. The tax advantages will make HSA plans an attractive health insurance choice.

If you medically qualify for these plans, the represent an unbelivable opportunity to save money on your health insurance.

You can call us at 800-986-4786 for an immediate quote or answers to your questions about these exciting new plans.

What is a Health Savings Account?

A Health Savings Account (HSA) is a trust or custodial account, and may be offered by insurance companies, banks, and organizations approved by the Internal Revenue Service (IRS) to administer IRAs. There are essentially two parts to these plans:

The first part is the high deductible health insurance plans. For a family plan, the lowest deductible is $2,000. But that is not a per person deductible as in most health insurance plans. It is the deductible for the entire family.

The second part is the Health Savings Account. This is an interest bearing savings account that rolls over each year. It is not a use it or lose it account like a Section 125 plan. You can even put the money in a qualified brokerage account.

Medical expenses are paid out of the account until the deductible is reached. Unused monies in the account may be rolled over tax-free and may be invested to pay for future medical expenses and more general uses after retirement.

Who is eligible for these new plans?

In the past, medical savings plans were only available to businesses and the self-employed. These new plans will be available to everyone who has a compliant health insurance plan.

What are the deductibles that will be offered with these new plans?

The bill states that the plans should be "high deductible". The plans are being offered with family deductibles as low as $2,000 and individual deductibles as low as $1,000:

Can I rollover the money in my MSA account into the HSA account?

Yes, you can roll this money into your new HSA account.

What Are the Benefits of an HSA

1. Value

You save more money with high deductible medical insurance. The first $1500 to $2500 of medical insurance benefits cost more in premiums than is returned to you in claims. In contrast, the money paid for health care through a HSA will be subject to nominal administration fees.

Typically, a family might spend $5,000 a year in health insurance premiums and get less than $500 in actual benefits. If you cut your premiums to $3500 a year and put the difference in your HSA savings account, you will not only lower your premiums, you will have also lowered your taxable gross income by $1500. It is a win-win situation.

We have seen clients who have ended up with a net health insurance cost of less than one dollar a month. These plans are unbelievable.

2. Better Choices

Florida HSAs preserve freedom of choice in terms of choosing doctors, hospitals and other health care providers. Patients become consumers of healthcare without the need for referrals, co-pays, etc. Also, a physician's choice of therapies can be made based on their value to the patient, not on the basis of the patient's limited insurance coverage.

3. Increased Access to Services
Certain services not typically covered under traditional benefit plans, such as long-term care, eye-care and dental care, can be accessed through a HSA. These plans place fewer restrictions on the range of medical services covered. Remember that these extra services will be paid for with your savings account monies.

4. Better Patient-Physician Relationships

The physician-patient relationship is freed from the intrusion of third-party payers. Physicians don't face external pressure to withhold beneficial care or to obtain third-party authorization for proposed treatments, an often time-consuming process.

5. Savings

With a HSA, you may carry balances in your account over from one year to the next. If medical expenses are low, the HSA allows you to accumulate and invest funds tax-free. HSA balances can become important savings vehicles for purchasing long-term care insurance and other post-retirement needs not covered by Medicare.

Who can make contributions to a HSA plan?

Any individual with a qualified plan.

How much can I contribute each month?

You may contribute 1/12 of your annual deductible to the HSA account each month.

What happens to my plan at the end of the year?

The money in your account belongs to you. You can roll the money over for future medical expenses or save for retirement.

How do I obtain a Florida HSA Plan?

Unfortunately, many health insurance agents and carriers have avoided Health Savings Account plans. SInce the premiums for these plans are lower, many commissioned agents do not sell these plans. It also requires more than an "order taker" to properly explain these plans and how to best utilize their features. Use the Florida Health Insurance link at the top of this page to reach a Florida HSA specialist.