- F.A.Q.

Is a Health Savings Account the right health plan for me?

Health insurance consumers have many choices of attractive health insurance plans. For many people, Health Savings Accounts (HSA) could save a lot of money. HSA combine substantially lower insurance premiums, high deductibles ($1200 minimum) and a tax-advantaged fund which is set aside to pay medical expenses not covered until the deductible is met. The funds that are set aside can also grow tax-free until they are needed for qualified medical expenses.

How much money can I set aside in an HSA?

Participants can contribute as much as they believe they will need up to the statutory limits – $2,850 for individuals and $5,650 for families.

Can I use my HSA fund to pay for dental and vision expenses?

Yes, these are eligible expenses.

Will I have to pay for mammograms and pap smears out of my HSA fund every year?

This depends on the specific health plan you purchase with your HSA. Many of these plans include provisions which reimburse mammograms, pap smears and other preventative services before the deductible is applied.

Who wouldn’t be helped by a HSA?

A high deductible health insurance plan is generally not a good fit for people who have or anticipate large ongoing medical expenses.

I hope this has been helpful, but I’m sure it doesn’t answer all your questions about HSA or other health insurance options. Please feel free to call me (1-888-323-8832) or e-mail me at quotes@lowcostpahealthinsurance.com.

Chris Powell