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How to Set Up a Health Savings Account

There are two things you need to do (a good agent can handle both for you):

1)  Choose an HSA compliant plan according to the deductible and out of pocket expense guidelines for the year in which you are setting up the plan.

2)  Set up a tax-free savings account that you can use to pay your eligible medical and dental expenses.  For a complete list of these expenses, see www.irs.gov/pub/irs-pdf/p502.pdf.  You cannot pay your HSA plan premium from this savings account.

Each month you will:

1)  Pay your premium (remember, this will be up to 40% lower because you are in a higher deductible plan).

2)  Add money to your savings account.  This step is optional, if you choose to do this, you reduce the taxes you pay.  Most companies have both checks and a debit card that you can use to access your money.  

Expert Insurance Solutions

1730 Akron, Peninsula Rd., Suite 4

Akron, OH 44313

330.923.0258 *   888.496.7162

Expert Insurance Solutions provides this web site for informational purposes only. 

For a personal health care proposal, please contact us at Info@eeis.biz.