HSA or health savings accounts are known to have triple tax benefits. BUT, they are only available with HDHPs. They can be great, but are certainly not for everyone. In this video we’ll be going into details regarding the pros and cons.

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HSA stands for health savings account. It is a special account designed to pay for qualified medical purposes. They are popular because of their triple tax advantage.
1. You can contribute to them pretax lowering your taxable income
2. The interest accrued is tax fee
3. Withdrawals are tax free as long as they are for qualified medical expenses

In 2021, the contribution limit to a HSA for an individual is $3,600 and $7,200 for a family. Of course, you can contribute more if you are 55 or older. You can only contribute to a HSA while enrolled in a HDHP. Should you choose to switch plans, you will not lose the money. You can leave it to accrue interest or use it for qualifying medical expenses, but you cannot continue to contribute to it.

HDHP stands for high deductible health plans. Generally speaking, these plans have higher deductibles with lower monthly premiums. Plans have set minimum deductibles and max out of pocket maximums to be considered HDHPs.

In 2021, the minimum deductible for an individual is $1,400 and $2,800 for a family. Of course they can be much higher.

In 2021, the max out of pocket maximum for an individual is $7,000 for $14,000 for a family if the plan works with a HSA. If it’s a HDHP with no HSA the numbers are $8,550 & $17,1000 respectively. Of course they can be much lower. With some plans, there is no charge for covered in network medical services once you meet your deductible.

Additionally, many preventative services are covered even before you meet your deductible i.e. wellness visits, screenings, vaccinations, etc...You can find a full list on healthcare.gov

The main benefit of choosing a HDHP is cost savings. The high deductibles may scare people but when you calculate the savings on monthly premiums, usually you will come out on top. Additionally, if you are hoping to take advantage of that triple tax benefit of HSAs, then HDHPs are your only option.

Also, if you are a relatively healthy person with average health needs, it is likely you will benefit quite a bit from a HDHP. However, as I said earlier, they are not for everyone.

If you are starting a family, a HDHP may not be for you. Labor and delivery costs can be quite high. Although your insurance will kick after you’ve met your deductible, it still may not be ideal. For the same reason, if you have a planned surgery, a HDHP may not be for you.

Additionally, if you have young children, a HDHP may not be ideal. Although the basic childhood appointments will be covered, little kids do have a tendency to get sick quite a bit and those doctor’s bills can stack up with HDHPs. It’s the same if you have a condition that requires recurrent visits with specialists. Of course, we’re not talking about visiting your endocrinologist once per year!

You can enroll in a HDHP with HSA through the marketplace. Some employers also offer these types of plans. You can also look into insurance off the marketplace if you don’t qualify for a tax credit with ACA plans.

If you have any questions, please leave a comment so we can help our call us at (888) 4100344 At iHealthBrokers we are licensed nationwide and our services are 100% FREE!

We can help walk you through the enrollment process. Visit us online at https://iHealthBrokers.com to schedule an appointment.


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