Pennsylvania Health Savings Accounts (HSAs) have been growing in popularity. And why not?  Affordable Pennsylvania health insurance plans are becoming harder to find each year. And an HSA can provide quality health care and tax advantages at an attractive price.

What is a Pennsylvania “Health Savings Account” (HSA)?

A Health Savings Account is an alternative to your traditional health insurance. It is a savings policy that offers a different way for consumers to pay for their health care expenses. Pennsylvania HSAs permit you to pay for current health expenses and also save for future medical expenses on a tax-free basis.

You must have a “High Deductible Health Plan” (HDHP) to take advantage of an HSA.  An HDHP cost less than a typical health insurance policy. Ideally, the money you save on insurance can then be deposited into your Pennsylvania Health Savings Account. As you manage the money in your HSA, you decide the type of investments you make into the account.

What is a “High Deductible Plan” (HDHP)?

An HDHP is an inexpensive plan, sometimes referred to as a “catastrophic” plan. Normally, this type of plan does not cover the first several thousand dollars of Pennsylvania health care expenses (often known as “the deductible”). However, after the deductible, coverage is often 80%-100%…depending on the policy. Many Pennsylvania HSAs have “first dollar” coverage for preventative benefits and higher out-of-pocket expenses for non-network expenses.

What is the cost of a Pennsylvania HSA?

Technically, an HSA is not a policy you buy. It is a savings account that allows you to deposit money on a tax-deferred basis. When you have a Pennsylvania HSA, the only policy you purchase is the HDHP, which is an inexpensive plan that covers your medical expenses if they exceed the funds you have in your HSA.

Monthly premiums on the HDHP will vary, depending on the insurer. In some areas, a Health Savings Account from Aetna may be the best option. Yet, in other areas, UnitedHealthCare, or another company such as HealthAmerica may be the better choice.

What is the best way to get a Pennsylvania Health Savings Account?

Pahealthinsurancecoverage.com is the premier source for Pennsylvania health insurance plans. You can research, view and apply for Health Savings Accounts with the help of a live experienced broker. And here’s the best part. That “live experienced broker” is myself and I have a Health Savings Account for myself and my family!