A Pennsylvania Health Savings Account (HSA) is an alternative to traditional Pennsylvania health insurance; it is a savings product that offers a different way for consumers to pay for their health care. Pennsylvania HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis. Most major health insurers, such as Aetna, UnitedHealthone and Blue Cross offer HSAs. And your HSA is an account that you always own regardless of where you work or what health insurance company insures you.

        You must be covered by a High Deductible Health Plan (HDHP) to be able to take advantage of Pennsylvania HSAs. Sometimes called a "catastrophic" health plan, an HDHP is a low cost health plan that generally pays 100% of your medical expenses after the deductible has been satisfied. And an HDHP generally costs less than traditional health care, so the money that you save on insurance can therefore be put into the Health Savings Account. This difference could be thousands of dollars each year.

        You own and you control the money in your Pennsylvania HSA. Decisions on how to spend the money are made by you without relying on a third 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. Deposits into the account are optional and you can make systematic monthly payments or periodic payments. The most common investment option is the "fixed" account, which pays a specified rate of interest on most of the money in the HSA.

        Pennsylvania HSA funds can pay for any “qualified medical expense”, even if the expense is not covered by your HDHP. For example, most health insurance does not cover the cost of over-the-counter drugs, but HSAs can. Once funds are deposited into the HSA, the account can be used to pay for qualified 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.

        I highly recommend Pennsylvania 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. Preventive coverage is usually not subject to the deductible and out-of-pocket expenses receive a "negotiated Network discount," which reduces the medical bill.

        To instantly view, compare or apply for a high quality Pennsylvania Health Savings Account, please click on the "Get Instant Quote" button at the top of the page. Only highly-rated companies are considered and your information is never shared with any other person or company.