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Understanding Health Savings
Accounts (HSA) 

 

   HSA-Eligible bronze medical plans are popular for 3 reasons:

1.  They have some of the lowest premiums of any plans

2.  The maximum out of pocket is often less than even a gold plan.

3.  If you have income, you can contribute money pre-tax into an HSA account at a bank.

In order to open an HSA account at a bank, your medical plan for that year must be HSA-Eligible in the plan design.  These plans are also called 'High Deductible Health Plans' (HDHP)

PART 1:  The HSA-ELIGIBLE MEDICAL PLAN
   

    There are 7 HSA-Eligible Medical plans in the Portland area offered through the Marketplace.   You can use the Estimator Tool below to see exactly what plans are being offered, and what the cost will be.  When you view the plans and see 68 plans, click "Add filters' then check the box  "Eligible for an HSA" and it will show you the 7 plans being offered.  Click on the web page below:

 

https://www.healthcare.gov/see-plans/#/
    

 Part 2:  The HSA Savings Account opened at a bank

      I have my own HSA account at Key Bank.  They offer no fees if you have an account with them.  Open a free checking account, and get your HSA account at no cost to you.

      I know Advantis Credit Union offer HSA accounts, as does the online bank www.hsabank.com   You can learn the annual contribution limit from the link below:

Click here to view IRS contribution guidelines at www.hsabank.com 

 

PRACTICAL: SO HOW DO I USE AN HSA ACCOUNT?

    Once you open an account and put some money in to start, they give you a debit/visa card.  I just use this to pay for any out of pocket medical, dental, vision, pharmacy, or alternative care provider.  If you forget to use the card, you can later reimburse yourself from your account for eligible expenses.  You can learn what expenses you can use this account for at:    

http://www.hsabank.com/hsabank/learning-center/irs-qualified-medical-expenses

 

IF I CONTIBUTE MONEY FOR A TAX YEAR AND DON'T USE IT, I LOSE IT?

 

No.  The money is your and it rolls over to the next year.  The money goes in tax free, and when you withdraw it for medical, dental, vision, alternative care and prescription drug expenses, the money is tax free coming out (see the tax code for full detailed list).  I'm not a tax consultant, you can read all about the HSA account at:  Click on the 'Learning Center' tab on the web site.


 http://www.hsabank.com/hsabank/learning-center/health-savings-accounts

 

 

WATCH A VIDEO ON HSA ACCOUNTS

https://www.youtube.com/watch?time_continue=11&v=hGn1NJHGv5s

https://www.youtube.com/watch?v=s8SFZf3MLCM

 

Disclaimer:  HSA information is subject to change.  Please consult your tax advisor regarding HSA tax consequences, or the bank you intend to put your HSA money with.   I am only competent to advise you on the medical portion of the plan. 

 

For more information or to apply for coverage, please visit my link "Individual Medical" or call Dan Neils 503-650-4325  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021 HSA-Eligible Health Plans

Click filename below to access file

2021_Top_5_HSA-plans_compared1.pdf