HSAs & HDHPs

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When you enroll in a marketplace plan, you will likely be inundated with and possibly overwhelmed by acronyms. MAGI, HDHP, OOP and more! So what is an HSA and is it right for you?

HSAs are health savings accounts. It is your account with your name on it and your money in it. You withdraw funds via card or check to use for qualified medical expenses. The list of qualified medical expenses is quite long. They range from more extensive medical expenses such as emergency room visits, hospital stays and ambulance rides to basic things such as bandaids and advil. Even without need of major medical care in a given year, there are many qualified medical expenses you would likely to be able to use your HSA for.

How Do They Work?
You can contribute a certain amount of your income to your HSA. In 2023, the max HSA contribution for an individual is $3850 and for a family it is $7750.
However much you contribute is pretax, so it will lower your taxable income. This can not only save you money when you file your taxes, but it may also make you eligible for a larger premium tax credit.
Your eligibility for a premium tax credit is determined by household size and income. A lower income means a larger premium tax credit. So by contributing to an HSA, you could potentially save thousands of dollars per year on your health insurance premiums.
Health Savings Accounts are also interest bearing. That interest is non taxable. Accounts roll over from year to year and is long as you withdraw the funds for a qualified medical expense, you will not be taxed.
You can even invest a certain amount of the funds in your HSA. This is why health savings accounts are referred to as having the triple tax advantage. Although you can certainly use them to pay for medical expenses, they are a great tool for building wealth and financial security. Then after you retire, you are able to use them as a basic retirement account.

Downsides
But HSAs are not for everyone. For example, you have to have a little bit of free capital to contribute to your HSA. Now of course, if you are strictly going to use it for medical expenses, it is likely that this would be a wash. But you still have to have the money available to you in order to contribute.
HSAs are also only available with high deductible health plans (one of those acronyms you may seen thrown around on healthcare.gov).
High deductible health plans have much higher deductibles. Now usually this is offset by lower monthly premiums so this may not be a bad thing. In order be considered a high deductible health plan, the minimum deductible in 2023 for an individual is $1500 and for a family it is $3000.
But in all honesty, most HDHPs have deductibles that are much higher. It is unlikely that you would find such a “low” high deductible. And remember, not all HDHPs offer HSAs.
So, you will likely have to pay a significant amount of medical expenses out of pocket before your insurance begins to contribute. However, many basic services are covered before you meet your deductible, some at no charge.
So if you have more extensive medical needs, this may not be a great option for you. But if you are relatively healthy, this can be a great way to save money, build wealth and still access to quality healthcare.

If you have any questions, please leave a comment so we can help our call us at (888) 410-0344 At iHealthBrokers we are licensed nationwide and our services are 100% FREE!

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