Virginia Health Insurance – Discover ways to save money with Health Savings Accounts (HSA)

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Virginia Health Insurance Discover ways to save money with Health Savings Accounts (HSA)

With the cost of health care on the rise and an aging population, making sure you have good health care coverage is extremely important. The last thing you want is to fall ill or suffer an accident and not be able to get the care you need. In addition to getting insurance, you have other options available to you to help pay some of your medical bills. A health savings account (HSA) is an increasingly popular financial planning tool that can help ensure you have the money you need to pay for any medicals services not fully covered by your Virginia health insurance policy.

A health savings account (HSA) is a medical savings plan where people can put money away for future medical expenses. The amount contributed to the HSA is not subject to federal income taxes when the money is deposited into the account. As long as the money is used for qualified medical expenses, you are not taxed when you use the money. Any money that is not used by the end of the year rolls over to the next year. The one drawback to an HSA is that you are only eligible to sign up for one if you are enrolled in a High Deductible Health Plan.

A High Deductible Health Plan is an insurance plan that has low premiums but requires enrollees to pay a high deductible before the benefits will kick in. The minimum/maximum deductibles as of 2010 are $1200-$5950 for a single person and $2400-$11,900 for a family. Once you are enrolled in a High Deductible Health Plan then you can start contributing to an HSA. The maximum amount you can contribute to your health savings plan as of 2010 is $3050 for single people and $6150 for a family. Additionally, a new law has passed that allows consumers to be able to roll over IRA assets to fund up to the maximum contribution for one year.

Whether you are a fairly healthy person or struggling with a chronic illness, an HSA can help you save money on your medical bills. Since it is a tax free product, you will also save money when you make contributions. To find the best Virginia health insurance High Deductible Health Plan and to get information on HSAs, then speak to a knowledgeable independent health insurance agent. They will be able to tell you what options are available to you and help you pick out the best plan for your needs.

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