We want to give you a basic understanding of what Florida health savings accounts are and why they may be beneficial for you. Before we begin, let's clear up one important point. Florida health savings accounts are tax favorable bank accounts that you are allowed to open IF you have an IRS qualified major medical plan. It's not true to say that you can open a health savings account just because you have a high deductible Florida health plan. Yes, IRS qualified plans do have high deductibles. However, only certain product offerings are qualified by the IRS. There are high deductible plans that are not IRS qualified, restricting your ability to open the savings account. Just contact us and we will present to you proper HSA plans that are IRS qualified.
As you may have gathered, there are two components that make up ownership of HSA plans; the bank account and the health plan. Let's touch on the major medical plan for a moment. By and large, Florida health savings account major medical plans function in the same fashion as traditional style copay plan designs regarding the catastrophic portion of the policy. However, due to their characteristics, the insured will realize a lower monthly premium, and possibly less out of pocket than a traditional copay plan. How is this premium reduction possible? Well, these types of plans don't normally incorporate copay features that tend to cost extra premium dollars. What this means to you is that if you visit a Doctor or a Specialist, your visit will be subject to your selected deductible. You will receive a bill, and if you saw an in-network Doctor, you are only asked to pay the allowed amount or the network contracted amount for whatever services were performed. Any medical expenses that you incur should be paid using dollars from your HSA plans bank account. The funds can be used, in this case, tax-free.
Yes. Preventive Care is Covered with Florida Health Savings Accounts
All is not lost regarding routine or preventive care on these plans. The good news is that Florida health savings accounts generally come with a first-dollar benefit for wellness. So, if you get sick and need a Doctor or Specialist, you get a bill toward your deductible. But, if you go in for your annual exam, many services are paid in full or in part by the carrier. This feature is mainly what differs between each carrier. We will show you the most popular carriers and what their plans offer regarding first-dollar wellness services.
In conclusion, the big selling point of Florida health savings accounts come in the form of lower premiums and tax advantages in exchange for giving up copay benefits for sick visits while still maintaining a solid catastrophic plan. The self-employed, people who rarely go to the Doctor or people who only make an annual preventive care visit tend to find HSA plans ideal for their needs.
There are vast amounts of information online regarding HSA plans and we hope that what we have pointed out helps you a bit in understanding the basic differences between a copay plan vs. an HSA plan. We have some recommended websites for you to visit:
For HSA banking, we recommend opening an account with www.hsabank.com. They are a huge online HSA bank and their site gives you a lot of good information regarding the taxation and banking aspect of Florida health savings accounts.
Also, another great resource for you to further research HSA plans would be located at www.hsacenter.com. We urge you to take a few minutes at this site to better familiarize yourself with how the bank account and the health plan will give you a financial edge and lower your healthcare costs.
By Robert Colucci
If this type of plan suits your needs, give us a call and we will go over options with you. We also offer home insurance Florida!