Arizona Health Savings Accounts
By Matthew Irons
Health Savings Accounts in Arizona
If you are considering changing your Arizona health insurance policy, you should be aware of the alternative of a Health Savings Account (HSA).Health Savings Accounts started to become available (and legal) in 2004, allowing people with high-deductible insurance policies to put aside tax-free money to fund health costs up to the maximum deductible limit.
If you don’t have to use the money, it rolls over every year. Once you reach age 65, you no longer are obligated to make use of it for health costs, though you positively can; you can remove money under the same rules as a traditional IRA.Though you will be penalized if you use the money for non-health costs before to age 65. You can use the money for vision care, alternative medicine or treatment and dental care. For 2008, an individual may fundup to $2,900 tax free. The maximum deductible would be $1100 and the maximum out-of-pocket cost would be $5,600. For a family, the maximum tax-free contribution is $5,800 with the maximum deductible of $2,200 and the maximum out-of-pocket cost would be $11,200.
Health
Savings Accounts are certainly a viable way to shelter income while
providing catastrophic insurance coverage in light of the high cost of
low-deductible health insurance plans. For healthy people, it deserves some research. Consult
with
your health insurance agent for all of the details involving this
approach to managing your insurance
needs.
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For Any Questions Relating To Your Arizona Health Insurance Needs Please Contact:
Matthew Irons - Irons Family Insurance- 602-573-4198