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Consider an HSA for Tax Savings

You may already be familiar with the tax advantages of employer-provided health insurance with pre-tax deductions, but did you know that there are health insurance plans that provide significant tax deductions? When you are reviewing your medical insurance options during open enrollment, consider looking at a high-deductible health plan, or HDHP.

 

What is an HDHP?

An HDHP, also known as an HSA (Health Savings Account) plan, offers a variety of tax benefits for both individuals and employers. To receive tax benefits, an HSA-eligible HDHP must meet certain criteria. For instance:

• The deductible needs to be $1,350 or higher for an individual or $2,600 or higher for a family.

• Out-of-pocket medical expenses can’t exceed $6,650 for an individual or $13,300 for a family.

While you may have to pay for all costs until you meet the deductible, most plans have an affordable coinsurance rate after that.

 

HSA Tax Savings

Much like a 401k, you can contribute a certain amount of money tax-free. The limit is $3,450 for an individual and $6,900 for a family. People 55 and older can add an additional $1,000 per year. While you can have money deducted from your paycheck, you can contribute to the HSA account any time that you wish, which allows you to build a safety net for future medical expenses.

In many ways, an HSA is similar to a CAFE or FSA plan in that you can spend the money on certain activities or products tax-free. One difference is that you have more eligible items with an HSA. Another key difference with an HSA over an FSA is that you can keep the money in the account year after year. You don’t have to spend it all at the end of the year or lose it. Plus, the money in the account belongs to you even if you change jobs.

If you are looking for insurance in Jacksonville, contact us at the Della Porta Group to help you find the best coverage for you. As an independent insurance agent, we can get quotes from up to 75 carriers. Ask us about an HSA.

Buying an HSA plan helps you or your employees obtain affordable coverage and save for future medical expenses tax-free.

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