Affordable Ohio Health Insurance with an HSA-qualified HDHP Plan
W
ith
the IRS announcing the cost-of-living adjustments affecting Health
Savings Accounts (HSAs), HSA contribution limits
and High Deductible Health Plans (HDHP) out-of-pocket maximums will
see slight increases in 2012. HDHP minimum required deductibles
remain the same as in the last two years. With some professional
guidance, you can easily find affordable Ohio
health insurance with an HSA-qualified HDHP.
Health Savings Accounts (HSAs) help you set aside tax-free dollars to pay for qualified medical expenses. If you have a High Deductible Health Plan (HDHP), you need to make payments up to a certain yearly deductible amount before your insurance plan begins to pay for any benefits. One of the biggest advantages of having an HDHP is that it allows you to enroll in the tax-advantaged HSA. In fact, an HSA is available only if you have an HDHP.
Ohio HSA-HDHP Plans – Changes to Note
If you have an Ohio HSA-HDHP plan or are considering one, it’s important to note the changes for HSA contribution limits and HDHP out-of-pocket maximum changes in 2012:
•
HSA Contribution Limits:
- Individual (self-only
HDHP): $3,100 ($50 increase from 2011)
- Family: $6,250 ($100
increase from 2011)
•
HDHP Out-of-pocket Maximums:
- Self-only: $6,050
(a $100 increase from 2011)
- Family: $12,100 (a $200 increase
from 2011)
Some things have remained unchanged from 2011: Limits for catch-up contributions (for persons over age 55) are still $1,000. Similarly, HDHP Minimum Required Deductibles are the same as last year with self-only HDHP coverage at $1,200 and family HDHP coverage at $2,400.
One important restriction that came into effect in 2011 was regarding the use of HSA, Flexible Spending Account (FSA), Health Reimbursement Account (HRA) funds. Law passed in 2011 allows individuals with these accounts to purchase over-the-counter (OTC) medications (except insulin) only using prescriptions. Those who use the funds in these savings accounts inappropriately will have to pay a tax on the purchase as well as a 20 percent penalty.
Enrolling in a Plan to Meet Your Needs
Leading Ohio insurance companies such as Anthem Blue Cross Blue Shield, United Healthcare, Medical Mutual of Ohio, Aetna, Golden Rule and Humana offer affordable Ohio HSA-qualified HDHP plans. The best way to find an Ohio health insurance plan that fits your needs is to get professional guidance from an experienced Ohio health insurance broker based in Ohio. A reliable agent will discuss your eligibility for HSA health insurance Ohio, research your options and help you choose an affordable plan.
About the
Author/Company
One Source Benefits offers affordable Ohio
health insurance with an HAS qualified HDHP plan. Serving the health
insurance needs of individuals, families and employers for over 25
years, you can get the lowest possible rates from the leading health
insurance carriers in Ohio. One Source Benefits website is where you
can get free quotes for all types of health
insurance plans - individual, family, group,
student, short-term and self-employed. You can also find
comprehensive life
insurance, dental
insurance and travel
insurance policies here.
Contact
Details
Tracy McManamon
One Source
Benefits
616 Belleview Blvd
Steubenville
OH 43952
Website: http://www.onesourcebenefits.com/
Toll Free Number: 877-549-1212