Many Arizona residents are confused by what exactly a Health Savings Account actually is. Many get them confused with flexible savings accounts or believe that a Health Savings Account is too complex for the average person. Taking the time to consult a licensed Arizona health insurance agent can clear this confusion. As anyone who has used a Health Savings Account to pay for affordable health insurance can tell you, they can be a financial life saver worth looking into.
Arizona residents who have been forced into purchasing a High Deductible Health Plan because of the low monthly premiums they offer may qualify for a Health Savings Plan. A brief overview of how they work and who can qualify is as follows. Since President Bush signed the Medicare bill into law back in 2003, these savings accounts have been available to help individuals and families save for eventual health insurance expenses with tax free savings. This is where the similarity to flexible spending accounts comes in. People who have a Health Savings Account can set aside a set amount of money each year, tax free, to cover what these high deductible plans do not pay for.
You can be eligible for use of Health Savings Accounts if you currently have health insurance coverage from a high deductible health plan without any other form of health insurance. You also must not be currently enrolled in Medicare, nor be claimed on another person’s tax return as their dependent. If this sounds like a situation you’re currently in, contact one of the experienced health insurance agents by phone today to begin the process of using Health Savings Accounts for affordable health insurance. It is a rather simple process that can save you greatly in the long run.