HSA Plans for Individuals and Small Businesses
Many small group employers or individuals could benefit from using an HSA (Health Savings Account). Although they sound appealing, the actual process of getting one started is usually not very clear. As your health insurance broker, we cannot sign you up or sell you an HSA bank account. What we can do is enroll you in an HSA eligible health insurance plan as well as walk you through the best way to go about getting everything together. HSA plans for individuals and small businesses can be very simple and rewarding for those taking full advantage of them.
Where To Start
To open an HSA account, you will need an HSA eligible health insurance policy. This is where we come in. Our office can show you every HSA eligible plan that is available. If you are a business or an individual, you will have different carriers, plans, and prices to choose from. HSA health plans are usually less expensive than traditional copay plans. This is because you will have to pay your deductible first on these plans to take advantage of the various copays. While this sounds like a disadvantage, you can actually pay your deductible with your HSA account. The total amount you can contribute towards your HSA in 2020 is $3,550 for an individual and $7,100. This is more than the $1,400 and $2,800 minimum deductible amounts required for HSA eligible plans. Therefore, if you have to pay your deductible and you have been contributing towards your HSA account, you will be paying it with pretax dollars. Once you satisfy your deductible, most HSA eligible policies have great copays and low maximum out of pocket amounts.
Setting Up the HSA
There are different ways to accomplish this if you are an individual or a business. Individuals should shop around for various HSA account choices. This could be your personal bank or specific HSA account providers such as HSA Bank or Health Equity. If you are a business then you have two options. You can have your employees set up their own accounts using the above methods or you can have an employer-sponsored HSA. If you are a very small company (such as 5 total employees) then having your employees set up their own account is probably best. If you are a larger company, having an employer-sponsored HSA can be a great way to attract and keep talent.
Please give our office a call if you would like more information about HSA plans or questions about insurance in general. Our brokers can shop every health insurance Nevada plan that is available to you. We do not charge you any fees for our services and you never pay more for a policy.