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Is an HSA a Type of Insurance?
By Daryl Kulak


A Health Savings Account (HSA) is not a type of health insurance. But that`s an easy mistake to make!

HSAs are closely associated to health insurance, although they do not provide any insurance benefits themselves.

Think of an HSA as a special type of savings account. It`s a savings account where:

You can put money in and get a tax deduction.

You can take money out anytime, as long as the money gets used for medical purposes.

That`s an HSA in a nutshell. But it`s worth talking about a few more specifics.

You need to get an HSA from a special HSA custodian. Any business that can create an Individual Retirement Account (IRA) can also create an HSA for you. That includes many banks, insurance agents and financial advisors.

In order to qualify for an HSA, you must already have a health insurance policy. But not just any health insurance policy will do. It must be a "high deductible" health insurance policy. "High" means that the deductible (the amount you pay before the insurance starts to kick in each year) must be at least $1,000 for an individual or $2,000 for a family. That`s the minimum. Any deductible you have on a policy that is higher than that is okay too.

You can be employed or unemployed. As long as the insurance you have (through your employer or by yourself) has a high enough deductible, you`re all set.

Health Savings Accounts will change how we think of health insurance. They are a wonderful tool that almost every American can and should benefit from. And they`re available today!

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