HSA Health Plans in Georgia
An HSA is a tax-advantaged medical savings account. This type of account was created in 2003 with federal legislation to allow saving from pre-taxed money or tax-savings from post-taxed money—if the money is spent on medical expenses. HSAs are usually paired with a high-deductible PPO.
The HSA plan is an alternative to traditional health insurance, providing a different way for patients to afford their medical care. The savings account allows a patient to pay for current care and to save for future care.
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Advantages of a Health Savings Account Health Plan
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A high-deductible PPO will have a low monthly premium, freeing money to put into the HSA (or savings account)
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The money in the HSA is tax-free.
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The HSA belongs to the individual, even if the employer deposits the money into the account. The HSA follows the employee, even with job changes.
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Using the PPOs preferred provider list can substantially lower costs and gives medical coverage in the event of a serious illness or accident.
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The savings or allowance in the HSA is rolled over to the next year.
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The money in the account may be used for other purposes if taxes and a penalty are paid.
Disadvantages of a Health Savings Account Health Plan
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Out-of-pocket costs can be very high because of the high deductible. Coverage from the plan does not begin until you have paid for care up to the deductible amount.
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If you have substantial medical expenses in the first year or two, you may not have enough saved to cover those expenses.
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You will still need to pay co-insurance after your deductible is met.
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The bank that services your account may charge a fee.
Health Savings Account (HSA) Health Plan Details
The focus of an HSA is to cut costs by lowering premiums with a high deductible. You need to be able to pay that deductible and co-insurance out of your own funds. Young, healthy people who don’t often get sick and rarely meet their deductible would be able to take advantage of this plan. They would have the time to accumulate a significant amount in the savings account for times of high need. It might not be the best choice for families with young children, who need frequent doctor visits.
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