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Health Savings Accounts (HSA) give consumers incentives to manage their own healthcare costs by coupling a tax-favored savings account, used to pay medical expenses, with a high-deductible health plan. The funds in the HSA are owned by the individual and may be rolled over from year to year. In 2004, HSAInside.com (www.HSAInside.com) was formed so people can learn about HSA plans without sales pressure and offer an alternative to your traditional style health plans. California leads the country in HSA enrollments in 2008 with 639,000 Californians enrolling (according to AHIP).
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HSA types of insurance plans are typically much less expensive than older, traditional types of health insurance plans. "For example, in Los Angeles a 50 yr old male under a traditional HMO plan can expect to pay $500 or more a month. In comparison an HSA qualified plan can start at only $188 per month," says HSAInside.com President Rudy Rivas. "Health Insurance is really a mathematical equation. At HSAInside.com we use the term, 'True cost of Insurance'."
Equation for "True cost of Health Insurance"
Another reason HSA insurance plans are growing is because of the government allowing Americans to transfer monies in Individual Retirement Accounts (IRA) to a qualified health savings account (HSA). According to the IRS Tax Codes, you can elect to make a one-time, direct trustee-to-trustee transfer from your IRA (other than a SIMPLE IRA or a SEP IRA) to your HSA. The maximum amount you can transfer is the maximum HSA contribution limit. For the year 2009, individuals can contribute $3000, families can contribute $5950. If you are over 55, you can contribute a one time catch up at $1000. The money can be used for qualified medical expenses that occur during the year, and any unused amounts will continue to grow and roll over year after year.
In order to open a Health Savings Account, you must first purchase a Health Insurance plan that is a qualified plan. Then open an HSA at any financial institution of your choice (this is optional), which according to HSAInside.com is highly recommended. "Families are best served when they fund an HSA account in order to take full advantage of tax savings, and also more importantly to fund any medical procedure costs that may arise in the future," said Rudy Rivas, President of HSAInside.com.
Health Savings Accounts are perfect for anyone who is a savvy money manager, anyone who would like to survive in today's economy and wants to save money. HSA clients become involved with actual medical procedure costs. Because they are responsible for paying for medical costs, clients are in charge of their own medical decisions.
Rudy Rivas has been a recognized Health Insurance expert since 1991; he has specialized in Group & Individual Health Insurance for some of the largest corporations in California. In 2005 he was named by Business Magazine one of the fastest growing companies in America. Mr. Rivas is a recipient of the U.S. Congressional Ronald Reagan Gold Medal; more recently he was awarded the Presidential Commission. Contact Mr. Rivas @ (562)-947-2502 / (800) 450 8001
-- Health Insurance Annual Premium -- + Deductibles/ out of Pocket Max. -- = True cost of Health Insurance
SOURCE HSA
