Missouri Anthem Agents Explain HSAs

Health Savings Accounts (HSAs) are a recent entrant into the healthcare coverage arena. The premise behind HSAs is similar to that of IRAs except that with an HSA, you are saving on a tax advantaged basis to specifically pay for future medical expenses.

Since their introduction in 2003, more than three million Americans have enrolled in HSA plans. The plans are available with a variety of insurance providers, including Anthem health insurance plans. Thirty percent of these were previously uninsured individuals. While our Missouri Anthem agents can explain HSAs in full detail, we'll cover some of the basics in this article.

Unlike traditional Medical Savings Accounts (MSAs), one of the key benefits of an HSA is that it has no "use it or lose it" limitation. If you contribute the maximum annual amount and use only half of that amount to pay for qualified medical expenses, the remaining money in your HSA carries over to the next year and other years beyond.

Missouri Anthem brokers point out several other key benefits of Health Savings Accounts:

• Money in HSAs can be invested, and earnings on investments are tax free.
• Contributions to HSAs are tax deductible whether or not you itemize on your tax return.
• HSAs are completely portable, even if you change jobs or your healthcare coverage.

Missouri Anthem Brokers Offer HSAs

One of the most trusted health insurance carriers, Anthem Blue Cross and Blue Shield, offers an HSA plan which may fit well with your current needs and future goals. Unlike some Missouri Anthem brokers, Lang Insurance Service's Personal Health Insurance Advisors have taken time out to educate many individuals about the cost-saving benefits that HSAs can have in the right situations.

Several changes have been made by the federal government to HSA flexibility since the initial launch in 2003, and additional legislation is on the table to make these plans even more attractive in the future.

Talk to one of our Missouri Anthem agents today to find out if a Health Savings Account makes sense for you.