Indiana Health Savings Accounts (HSAs) are offered from the majority of the state's best insurance companies. We help you shop and compare the best plans from Anthem Blue Cross Blue Shield, UnitedHealthcare and other respected carriers. The rates you are quoted are always the lowest prices offered to consumers since premiums are closely regulated. Coverage is available in Indianapolis, Richmond and every other city in the state.
What Is An HSA?
Indiana Health Savings Accounts are an affordable alternative to conventional medical coverage. The Medicare Reform Act of 2003 created these contracts and they have reduced consumer's premiums ever since that date. It is a policy that allows you to pay for medical expenses and also save for additional medical, dental and vision expenses in a tax-free account.
You can be single, married or married with dependents and still be eligible.When you reach age 65, you still own all of the money in your account. Although at that time, you can no longer make contributions, you can still utilize the policy. And, if you wish, you can deposit money into another account, if the owner is under age 65.
Funds remaining in the account at the end of the year continue to be invested and are not lost. At any time you can take these funds out of the account. You can also transfer your money to a different contract. If you terminate the policy, any money left over is yours to keep (you will not lose it) and 100% of your deposits are tax-deductible. You are not only the owner, but the main decision-maker as well. You can be either conservative or aggressive regarding how your funds are invested.
Insurance premiums reduce, and the owner of the account becomes much more involved in their healthcare decisions. Once you have met your yearly deductible, qualified medical expenses are paid by the insurer. Before you enroll in an HSA, you must first be covered under a High Deductible Health Plan (HDHP). Since there are many of these policies to choose from, we help you find the best choice for your needs. Keep in mind that most policies are not considered qualified.
What is an HDHP?
An HDHP is a catastrophic health plan that typically features a high deductible, often between $2,000 and $10,000. Medical expenses are usually covered between 80% and 100% after the deductible is met. Maximum out-of-pocket expenses are often less with an HSA because of the possibility of no coinsurance after the deductible. You can purchase a single policy with a deductible as low as $1,200 and $2,400 for a family. But usually, the higher premium does not justify the extra cost of coverage.
Preventive coverage is not subject to the major medical deductible and “Network negotiated discounts” will reduce your out-of-pocket costs. Sometimes these discounts can be as much as 70%-80% (often with lab tests and X-rays). Anthem and UnitedHealthcare usually have the best prices although Humana sneaks into contention in certain areas.
What are the tax benefits?
Contributions to an HSA are deductible from your federal gross income (subject to IRS requirements). Interest on any earnings inside the plan accumulate tax-deferred. Any withdraw for a “qualified medical expense” is not subject to federal income tax. A list of qualified medical expenses can be provided if you request it. A family can contribute up to $6,150 in a given year while the individual cap is $3,050.
Can I have an HSA and an IRA?
Yes. Owning both types of plans are allowed and also very popular. In fact we strongly encourage that you take advantage of both. Keep in mind that withdrawing funds from an HSA is much simpler than withdrawing funds from an IRA. Of course, you will have many more investment choices with the IRA.
How Do I get my free quote?
Very easily! Simply provide your zip code in the “Get Free Quotes” box at the top of the page. You will then be able to compare your options. You can also speak to a live person by calling us at (888) 513 6446. We're Indiana's HSA experts and we'll provide completely unbiased advice that helps you pick out the right plan. Additional information on applying is here.
Are dental and vision expenses considered “qualified” expenses?
If the IRS considers these expenses “deductible,” then they are “qualified.” Most insurance carriers issue a debit card that you can use exclusively for your medical, dental and vision qualified expenses.The money you spend is clearly documented in a year-end statement. You can also view your account information online at any time.
Do The Recent Changes In Reform Legislation Affect HSAs?
The only recent change was to no longer allow over-the-counter medicines as a qualified expense. These costs are typically quite low so the impact is nominal. The Supreme Court ruling in June of 2012 should not impact HSAs in 2014 and beyond. These types of plans will continue to be a popular alternative to more expensive health insurance policies.
Who controls the money that is invested in the policy?
You do! How the money is invested is your decision. HSAs utilize the same type of investments as IRAs. Stocks, bonds, mutual funds and certificate of deposits are the most common types of investments.
We realize that the same shoe does not fit everyone's needs. We'll help you determine which type of medical coverage is best for you. And you can easily apply for coverage through this website without paying any fees.