What Is an HSA Insurance Plan?

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HSA insurance plans are also known as health savings account plans. Find out about an HSA insurance plan with help from an insurance broker in this free video clip.

Part of the Video Series: Personal & Health Insurance Tips
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Video Transcript

Hi, my name is Susan Combs and I'm an insurance broker with Combs and Company. Today, we're going to be talking about an HSA insurance plan. So what an HSA stands for is a health savings account. So in order to have a health savings account you have to have a high deductible health insurance plan. So what the function is, is with the high deductible, you are able to fund a portion or all of the deductible and set aside that money that can be used to pay for health insurance related items. So a lot of times you can have your dental insurance, your vision insurance. If you don't have those policies in place, you can actually have those coverages paid for out of this health savings account. So for 2013, the minimum deductible limit for individual is $1250 for individual, for family it's $2500 and then as I was saying that you can make the contributions to fund those deductibles, the maximum contribution for 2013 is $3250 for individual and it's $6450 for family. So these are a little bit confusing but with a health savings account you can kind of think of it as an IRA, so you can put aside the money. The only difference is this money rolls over year after year. So it's not a kind of use it or lose it thing and you can actually put aside the money, it grows at a percentage, it grows tax deferred so that at 59 and 1/2 if you don't use it for health insurance related items you can actually take deductions of it just like you would for an IRA.


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