Affordable Ohio Health Insurance by having an HSA-qualified HDHP Plan
Using the IRS announcing the price-of-living adjustments affecting Health Savings Accounts (HSAs), HSA contribution limits and Deductible Health Plans (HDHP) out-of-pocket maximums might find slight increases this year. HDHP minimum needed deductibles stay the same as within the last 2 yrs. With a few professional guidance, it is simple to find affordable Ohio health insurance by having an HSA-qualified HDHP.
Health Savings Accounts (HSAs) assist you to put aside tax-free dollars to cover qualified medical expenses. For those who have a higher Deductible Health Plan (HDHP), you have to make repayments up to and including certain yearly deductible amount before your insurance plan starts to cover any benefits. Among the greatest benefits of getting an HDHP is it enables you to join the tax-advantaged HSA. Actually, an HSA can be obtained only for those who have an HDHP.
Ohio HSA-HDHP Plans – Changes to notice
For those who have an Ohio HSA-HDHP plan or are thinking about one, it&rsquos worth noting the alterations for HSA contribution limits and HDHP out-of-pocket maximum alterations:
HSA Contribution Limits:
- Individual (self-only HDHP): $3,100 ($50 increase from 2011)
- Family: $6,250 ($100 increase from 2011)
HDHP Out-of-pocket Maximums:
- Self-only: $6,050 (a $100 increase from 2011)
- Family: $12,100 (a $200 increase from 2011)
Several things have continued to be unchanged from 2011: Limits for catch-up contributions (for persons over age 55) continue to be $1,000. Similarly, HDHP Minimum Needed Deductibles overlap with this past year with self-only HDHP coverage at $1,200 and family HDHP coverage at $2,400.
An important restriction that arrived to effect this year was regarding using HSA, Flexible Spending Account (FSA), Health Compensation Account (HRA) funds. Law passed this year enables people using these accounts to buy over-the-counter (OTC) medications (except blood insulin) using only prescriptions. Individuals using the funds during these savings accounts wrongly will need to pay a tax around the purchase in addition to a 20 % penalty.
Signing up for an agenda to suit your needs
Leading Ohio insurance companies for example Anthem Blue Mix Blue Shield, U . S . Humana, Golden Rule, Aetna, Healthcare and Medical Mutual of Ohio offer affordable Ohio HSA-qualified HDHP plans. The easiest method to locate an Ohio health insurance plan that meets your needs is to buy professional guidance from a skilled Ohio health insurance broker located in Ohio. A dependable agent will talk about eligibility for HSA health insurance Ohio, do your research and assist you in choosing an inexpensive plan.