Florida HSA plans (Health Savings Account) offer the best value in health insurance available today. The government is going to help you pay for your health insurance through tax deductions.

You do not even have to itemize to get the savings!

One of the benefits of the new Medicare bill, besides making the pharmaceutical manufacturers richer, was the creation of Health Savings Accounts. These are tax-sheltered accounts similar to IRA's designed to pay medical expenses.

One important note. You must have a special, compatible, health savings account health insurance plan to have a health savings account. I don't care if you are a CPA or head of the Federal Reserve. If you plan was not purchased as a HSA or an older MSA plan, chances are it does not meet those requirements. I will help you find a compatible plan.

Now let me explain how these plans work.

The HSA plan has essentially two parts.

First there is a high-deductible major medical plan. This is a complete health insurance plan that will provide millions of dollars of coverage for you and your family. Once you reach your deductible, all eligible expenses are covered 100%.

The second part is the Health Savings Account. This is an interest-bearing account and the money rolls over from year to year. You can use the savings account funds for almost any type of medical expense without worrying about networks. Money contributed to a Florida HSA is exempt from both Federal and State taxes, like an IRA, and accumulates interest on a tax deferred basis, like an IRA. Unlike an IRA, the exempted funds in a Health Savings Accounts can be used immediately for any qualified medical expense. This includes doctors, dentists, prescriptions, psychotherapy, chiropractor, etc. You can even pay for your long term care insurance with tax-free money.

Let me give you an illustration (This is for a fictious family in a specific zip code and not a quote you can use):

I am using a family of four with the parent ages of 45 and 40 and two kids.

Deductible: $ 5,150
Monthly Cost of Insurance $300.90

They put into a Health Savings Account $ 429.16
Total Monthly Cost $ 730.06

Now watch this, its really beautiful. We will use a 28% tax bracket for this illustration.

Tax Deduction for Insurance (Insurance Rate x 100% x 28%) $ 84.25
Tax Deduction for Savings Deposit (Savings Deposit x 28%) $120.16
Total Tax Savings $ 204.42
Cost After Tax Savings $ 525.64

But remember, the $429.16 is your money. It is sitting in an interest bearing account in your name. You never gave it to the insurance company. So subtract that amount out.

The Net Monthly Cost of Insurance after Taxes $ 96.48
With a Health Savings Deposit of $ 5,150.00 at the end of the year.

Call me for a quote and with your questions. We have plans that are paying 4% interest for the savings accounts. Or, you can choose to place the money in mutual funds, stocks, etc.

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