Southeast Insurance Solutions, Inc.
Southeast Insurance Solutions, Inc.
2137 Chatham Avenue
Charlotte, NC 28205
Phone: 704-560-8972
Email: info@seinsurancesolutions.com
Get a Quote

Individual Health Insurance North Carolina - Why Have a Health Savings Account

Individual health insurance North Carolina plans can be customized to fit the needs of you and your family. It’s no secret that health care costs are going up and up. One way to combat high medical bills is make sure you have adequate health insurance at a price you can afford. One way to do this is to purchase a High Deductible Health Plan (HDHP) that qualifies for a Health Savings Account (HSA). These plans are typically 30-50% less costly than traditional copay plans and will usually offer you less out of pocket exposure.
 
Health Savings Accounts are set up in conjunction with a High Deductible Health Plan. The HSA is an account which you can deposit money into to pay for out of pocket medical costs such as your deductible, prescription drugs and other qualified medical expenses. The deposits you make into the account are tax deductible and you do not pay tax on any withdrawals you make from the account as long as they are for qualified medical expenses. You do earn interest on your savings and the amount in your account carries over from year to year. If you cancel your HDHP you cannot add money to your HSA account but you can continue to use the funds to pay for medical care and supplies. This is a great addition to an appropriate high deductible individual health insurance North Carolina plan.
 
Not only do you enjoy incredible tax savings by using an HSA, you won’t have worry about dipping into the family budget to pay for health care costs. The maximum amount annually that can be contributed to an HSA account is $3,050 for individuals and $6,150 for families. This money is tax deductible whether you use it or not. Since HDHP individual health insurance North Carolina plans require you to pay a deductible before the plan will start paying medical costs you can use the funds in your HSA account to pay that. The maximum deductible amount allowed by the Treasury Department is $5,950 for individuals and $11,900 for families. However, most carriers’ maximum deductibles are $5,000 for individuals and $10,000 for families.
 
Another area where an HSA comes in handy is with the cost of medical expenses. If you know that a medical expense is impending, you can build up savings to pay for it. For example, if you are the parents of children then it is possible that your child will need glasses or braces. Since these are both eligible medical expenses, you can use the money in your HSA account to pay for them and enjoy an additional discount off the service in the form of a tax cut. Adding a Health Savings Account to an HDHP individual health insurance North Carolina plan is a great way to secure your financial future by helping you plan and pay for medical expenses.
Southeast Insurance Solutions, Inc.
2137 Chatham Avenue
Charlotte, NC 28205
704-560-8972