Does your health insurance have what it takes to fight for you and your family? Or, are you depending on a half-hearted plan and getting just about half of what a Health Savings Account (HSA) policy could be doing for you? This month is your last chance to grab an HSA-qualified health insurance policy in time to claim tax deductions for 2012, and I know you could use a tax break.
I also realize that a high deductible may sound intimidating. If you are scared of high-deductible plans, you really don’t need that high of a deductible to open an HSA. Actually, you can find HSA-qualified plans with the same deductibles as traditional plans.
HSA plans not only help you save because premiums are low, but they also help you save on taxes by making out-of-pocket health-related costs deductible without even itemizing deductions. And, high-deductible plans offer the same preventive care as other policies with no out-of-pocket costs for you.
You can get recommended preventive health care services without meeting a deductible, and with no co-insurance and no co-pays either. Recommended preventive care is free if you use in-network providers and they bill it as preventive instead of as diagnostic. So, talk to your doctor to make sure you understand what services will be completely covered. Making use of these free preventive services may help detect diseases at an early stage and that will dramatically reduce your out-of-pocket costs in the long run.
With a high-deductible plan combined with an HSA, you can also save on taxes. You can deduct just about all of your out-of-pocket medical costs, such as dental care, hearing aids, Medicare premiums, and a lot more. You need to hurry up, though, if you want to get the full tax deduction for 2012. You must have an HSA-qualified plan by December 1. Then, you can make your HSA contribution right up until you file your tax return for the April 15th deadline next year. Our instant quotes show you which plans will let you open an HSA. You can even narrow your search to only compare HSA-qualified plans.
Wiley Long is President of HSA for America, and a passionate advocate for consumer-based solutions that will improve price transparency and lower health insurance and medical costs for people purchasing individual and family health insurance plans.