You must be covered by a High Deductible Health Plan (HDHP) to be able to take advantage of an Ohio HSA. An HDHP generally costs less than what traditional Ohio health care coverage costs, so the money that you save on insurance can therefore be put into the Health Savings Account. You can also have an HDHP policy without utilizing the HSA feature. Over time, your money can grow quite a bit,and there are many high-deductible plans to choose from.
You own and you actively control the money in your Ohio HSA. Decisions on how to spend the money are made by you without depending on an unrelated party or a health insurer. You will also decide what types of investments to make with the money in the account in order to make it grow. And since an HSA is portable, the policy remains in effect regardless of where you work or what health insurer you are insured by. The "fixed interest rate" option is the most conservative and most popular and virtually eliminates all risk to your money.
HSA funds can pay for any “qualified medical expense”, even if the expense is not covered by your HDHP. For example, most Ohio health insurance plans do not cover the cost of some office visits, but HSAs can. If the money from the Ohio HSA is used for qualified medical expenses, then the money spent is tax-free. You can also use your HSA funds to purchase qualified dental and vision expenses, including glasses, vision and dental exams.
Once funds are deposited into the HSA, the account can be used to pay for approved medical expenses tax-free, even if you no longer have HDHP coverage. The funds in your account roll over automatically each year and remain indefinitely until used. There is no time limit on using the funds. Preventive benefits are also typically covered at 100% with no waiting period. Some common covered preventive benefits are routine annual physicals,child immunizations, OBGYN visits, paps and mammograms. A debit card is issued by the bank that you choose, which helps simplify your record-keeping.
I highly recommend Ohio Health Savings Accounts. In fact, I have an HSA for myself and my family. It has worked well for us and we have substantially reduced our health insurance expenses. Fortunately, we have been healthy and only approached our deductible one time in the last 10 years. Therefore, in most years, we have been able to roll over unused funds from that year to the following year.
If you would like a personalized Ohio HSA quote, please click on the "Get Instant Quote" button at the top of the page. Instantly, you'll be able to view, compare and apply for quality Ohio HSAs. Your information will never be shared with any other person or company. And of course, you can also call us at (888) 513 6446.
HSA Frequently Asked Questions
2011 Ohio HSA Contribution Limits
