A Health Savings Account is a tax-favored savings account that is combined with a high-deductible health insurance plan. HSAs allow you to pay for current medical expenses and save for future qualified expenses on a tax-free basis.

The first step is establishing a high-deductible health insurance plan (HDHP). These plans are available through most Ohio health insurance companies, including UnitedHealthCare, Aetna, Anthem Blue Cross and Medical Mutual. The HDHP is an inexpensive catastrophic health insurance plan that generally does not pay for the first few thousand dollars of health care (the “deductible.”). However, after the deductible, expenses are covered at 80% or 100%, depending on the plan.

You have complete control over the funds in your HSA. You also decide the types of investments to make with the money in the account in order to make it grow. Some of the funds in your HSA can come from the money you save on your insurance, since an HDHP usually costs less than traditional health care costs.

Once the HDHP is in place, the HSA can be set up through banks, credit unions and other approved companies. There are many very good Ohio Health Insurance Accounts. For specific details on rates and coverage, please click on the “Get Instant Quote” button at the top of the page.

Oh…by the way…I have an HSA. And I have been very happy with its performance.

Related posts:

1. Anthem Ohio Health Savings Accounts (HSAs)
2. Ohio Health Savings Accounts (HSA) 2010 Contribution Limits