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Understanding How HSA Health Insurance Plans Work

Your California health insurance agent gets asked lots of questions about HSAs. HSA stands for Health Savings Accounts that offer numerous benefits to individuals.  Basically, health savings accounts help you save money for health care costs and are designed and structured to help manage rising health-care expenses.

Health savings accounts allow tax-free contributions to your health savings account. HSAs also help policyholders meet and cover costs that are not included in many insurance plans, including acupuncture, eye care, fertility treatments, chiropractic treatments and so forth. Your HSA belongs to you and can travel with you from career to career or across state lines in most cases. The money you deposit into the HAS account should only be used for medically necessary health care. If you use the money for anything other than health care you will be taxed and penalized.

To be able to participate in an HSA, you must have an HSA qualified high deductible health plan in force. High deductible health plans (HDHP) typically offer policyholders lower monthly premiums. Every dollar that an individual puts into a HSA can be used for qualified medical expenses. Unused monies placed in the account may be saved for future use.

Be advised that an HSA doesn't replace a health insurance policy, but is designed and structured to supplement your high deductible health insurance policy. Because most insurance will pay after deductibles are met, individuals using money from an HSA to pay medical expenses until deductibles are met find it easier on their pocketbook to meet such obligations.

HSA money must be used for qualified medical expenses in order to remain tax-free. If you decide to use the money for something else, you will be responsible for the taxes on that money. HSA funds can be used for a multitude of medical expenses and services.  Withdrawals from your HSA account for qualifying medical expenses are excluded from your gross taxable income. Keep all your receipts in order to prove that such expenses are qualifying medical expenses.

Qualifying medical expenses can include but are not limited to medical doctors, nursing services, emergency care, psychologists and psychiatrists, acupuncturists, alcoholism or drug addiction treatment centers, fertility treatments and enhancement, laser eye surgeries, medical equipment and appliances, smoking cessation programs, weight loss programs, dentures, contact lenses and eyeglasses as well as guide dogs, and special reading needs for the blind such as Braille books and magazines.

In addition, monies from your HSA may be used to pay for costs incurred when seeking treatment that requires travel as long as you maintain receipts that adhere to medical need and medical qualifying restrictions. Meals as well as lodging connected with such trips are also allowable.

However, individuals interested in opening an HSA account should be advised that non-qualifying HSA conditions and restrictions include cosmetic surgeries (unless it's related to a medical condition, birth defects, or a mastectomy), diaper services, hair transplants, health club fees, nonprescription drugs or medications, swimming lessons, weight loss programs that are not prescribed, funeral expenses, and so forth.

Check with your California health insurance agent about HSA programs in your area as well as information regarding qualifying as well as non-qualifying information regarding such HSA options.

Get a California Health Insurance Quote and compare HSA Plans

Matts California health insurance services can help you easily find a health plan that fits your health care needs as well as your budget. As an independent broker we can give you an unbiased comparison from all the top California health insurance companies in one easy quote. Compare carriers like Anthem Blue Cross, Aetna, Health Net, Blue Shield of California, PacifiCare, and Celtic health plans. Once you have finished your research and have decided on a plan you can use our secure carrier direct online health insurance application links to apply for coverage. If you prefer to print out an application we have the most up to date applications available from every carrier. And of course we are available to answer any questions you may have.