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Health Savings Account: California affordable health insurance options put you in control - and save you money on your taxes.


When you open up a Health Savings Account in California (HSA), you gain significant control over the management of your health care costs, as well as a new tax deduction. Read more about this flexible form of California affordable health insurance and then ask for a health insurance online quote today.


Health Savings Account California: understanding your options.

First, here are two important terms to remember:

  • Health Savings Account California: HSA
  • High Deductible Health Plan California: HDHP

Effective January 1, 2004, individuals, employers and employees have been allowed by the IRS to:

  • choose an insurance plan with higher deductibles (the HDHP)
  • set up a tax-advantaged Health Savings Account in California (HSA) at a qualified financial institution and
  • contribute tax deductible funds to that Health Savings Account (California availability, as well as the rest of the country).

Then, when the insured person needs to pay for deductibles or qualified medical expenses not covered by the HDHP, the money can be withdrawn and used for that purpose. If the money is not needed, then it stays in the account, earning interest for the insured. This has the potential to grow into a substantial fund.

At the end of each year, unused funds roll over and remain in the HSA. The contributions are tax deductible up to IRS limits; employer contributions are exempt from federal tax; and both the interest earned and the withdrawals made have tax advantages.


With this form of California affordable health insurance, you get:

  • a low cost health insurance plan
  • peace of mind, knowing that your catastrophic medical expenses are covered and security, knowing that you have a comprehensive insurance plan


Seven easy steps to securing HSA and HDHP California affordable health insurance plans:


1.   Ask for a health insurance online quote for a high-deductible health plan (HDHP). The Blue Cross of California plan is Blue Cross of California 3500 HSA.
 
2. Or, ask your employer is you can enroll in an HDHP through the company. Blue Cross of California also has group health insurance plans.
 
3. Enroll in a qualified HDHP plan.
   
4. Set up a Health Savings Account in California through a qualified financial institution. Note: You will manage your own fund.
   
5.   Make contributions to this interest-bearing account, up to the IRS limit each year.
   
6.   Consult with a financial advisor to determine all the tax deductions you can receive.
   
7.   Withdraw funds to cover deductibles and other qualified medical expenses not covered by your HDHP.


How are qualified medical expenses defined in these California affordable health insurance plans?

Qualified medical expenses include:

  • prescriptions
  • doctor visits
  • diagnostic testing
  • dental and vision care
  • hearing aids and guide dogs
  • Medicare HMO supplementary insurance premiums
  • smoking cessation programs
  • and much more!

Consult with an expert health insurance agent for more specifics.


This form of California affordable health insurance sounds great, but what if I change insurance plans or if my employer does?

If, for any reason, you are no longer enrolled in an HDHP, you can either withdraw the funds or keep them in the HSA, to be used for future medical expenses. You can no longer contribute to the fund, however.

If you change jobs, then the HSA stays with you. If you re-enroll in an HDHP, you can continue to add to your HSA.  If you enroll in a plan that does not qualify as an HDHP, you can either withdraw the funds or continue to use them for medical expenses.

If you become unemployed, you can use the HSA funds to pay your insurance premiums during that time.

Ask for a health insurance online quote (or call a qualified agent) today and save!
 

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