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Florida health insurance quotes

Florida Health Savings Accounts (H.S.A.)


What is a Health Savings Account?

Health Savings Accounts aren't FL health insurance plans. Instead, they are a financial tool designed to help make your healthcare more affordable. The money you deposit in an HSA is tax-free. You don't pay taxes on qualified withdrawals, either. In effect, it's like getting extra money from the government to pay for healthcare. To open an HSA, you first have to purchase a high deductible health plan.


High Deductible Plans

Florida requires that all health insurance conmpanies operating in the State of Florida must offer an H.S.A  qualifing plan. (High deductible plan) These plans are gaining in popularity, but often are not understood. Most of these plans incorporate just a single individual deductible or in the case of a family just one family deductible. Once the calendar year deductible has been reached all covered expenses are paid 100% including prescription drugs. These plans have the lowest total out of pocket risk for the insured.


Another factor that enters in here is network rates which is oven overlooked. Your insurance company has already contracted with providers such as Doctors, Hospitals, and other Medical provides to establish a provider network that will under contract charge lower rates then they would normaly charge for services. With a plan like this, you are required to pay for things out of your own pocket until you have accumulated expenses equal to your deductible. As long as you use in network providers you will only pay the network rate for services. When claims get submitted to the insurance companies from a network provider the insurance company will re-price the bill to the network contract rate and the policy holder can expect their bills to be reduced substantally. Any amount the policy holder ends up paying out of their own pocket  for medical expenses will be applied to their deductible.


Aside from having the lowest out of pocket risk this plan has an optional benefit that allows the insured to go to the bank or their choice or the insurance company's bank to apply for what is called a Health Savings Account. (H.S.A.) This account will be used to pay for medically related items and services. This money is income tax deferred. In 2010, "Individuals" are allowed to deposit into their H.S.A. account any amount up to but not more than $3,050 and "Families" $6,150 per year. The banks pay interest on the money and you should shop for the best rate and service charge if there is one. What ever money is deposited in the account whether used or not is a top line tax write off on your personal income taxes. Any balance will be rolled over to the following year. All Insurance companies are required to offer these plans so when and if you decide to change insurance companies you still have it.

Most H.S.A. plans now offer a preventative care visits and well care benefit before having to reach your deductible.


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