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 limit  is often less than even a gold plan.

3.  If you have earned 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 Plans for 2024
   

    There are 6 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 61 plans, click "Add filters' then check the box  "Eligible for an HSA" and it will show you the 7 plans being offered in the Portland area. 

Click on the web page below to preview the plans and get a quote:

Click Here to preview plans at www.healthcare.gov 

 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 that Advantis Credit Union offers 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 j

For 2024 the HSA Limits are increasing to $4150 for self-only coverage  and $8300 for family coverage (more than 1 person enrolled)   Those 55 and older can contribute an additional $1000 as a catch-up contribution.   

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 make a contribution and do not use it, do 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.  However, you can only contribute money to your HSA bank account if you have an eligible HSA-eligible medical plan that year.

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

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. 

HOW DO I APPLY FOR COVERAGE?  

Click Here to  schedule an appointment with Dan