Wouldn’t knowing you had a big tax deduction make it easier to do your next tax return? If you pay taxes, November is the month you don’t want to waste. To get thousands of dollars in 2012 deductions, you need a high-deductible health insurance plan that lets you start a Health Savings Account. And, you need it by December 1. Our instant quotes let you compare policies that allow you to open an HSA and let you apply today.
Getting the policy can be quick and easy, but what are you going to do about setting up the actual account that makes tax deductions possible? Fortunately, you have until April 15, 2013 to get that in place, and these tips will help you do that.
Nowadays, a lot of insurers partner with an approved HSA administrator. Using that administrator will make payments processing more easy and convenient for you. With such a partnership, you can pay the premium on your health insurance plan and make an HSA deposit all in one monthly payment. Some HSA administrators also offer an automatic claim rollover. That means you can have your account automatically debited to pay for claims.
Although it is ok to use the administrator set by your insurance company, you may want to select an independent HSA administrator. The main reason is that health insurance premiums change every now and then, and you may be able to get a better rate by changing to a different insurance company. If your HSA is set up independently, you won’t have to move it to changes insurance companies. Another reason is that an HSA that’s tied to an insurance company may earn lower interest and have higher fees if you decide to get a policy from another insurer.
A lot of people go with an independent administrator to get higher interest rates, lower fees or more investment choices. Check out our HSA Administrator page to see approved banks or trustees along with their fees.
I have been in the health insurance business for over 12 years. I’m passionate about Health Savings Accounts and enjoy blogging about them. I am also a husband and father of 2 beautiful children.