Michael M Insurance Services
  • Home
  • Medicare
    • Part A
    • Part B
    • Part C - Medicare Advantage
    • Medicare Supplement
    • Part D
    • Medicare Seminar
  • Contact
  • About
    • Agency Photo Gallery
    • Blog
    • Office Appointment
    • Zoom Appointment
  • Other Services
    • Final Expense Insurance
    • Long Term Care Insurance
    • Online Documents

Michael M Insurance Services Blog

Health Savings Account (HSA)

7/29/2022

0 Comments

 
An HSA is a type of savings account that let's you set aside money on a pre-tax basis to pay for qualified medical expenses. By using un taxed dollars in a Health Savings Account (HSA) to pay for deductibles, coinsurance, copays etc, you may be able to lower Health Care costs. The funds generally are not used to pay premiums.

While you can use the funds in an HSA at any time to pay for qualified medical expenses, you may contribute to the HSA only if you have a High Deductible Health Plan. For 2023 the minimum deductible amounts are $1500 for an individual and $3000 for a family. Contributions can be made up to $3850 for an individual and $7750 for a family. Funds roll over from year to year if you don't spend them and an HSA my earn interest which is not taxable. 

Medicare recommends  stopping contributions to an HSA 6 months prior to enrolling in Medicare to avoid tax consequences.


0 Comments



Leave a Reply.

    Contact Us

    (631) 774-3786
    445 Broad Hollow Rd.
    Suite 25
    Melville, NY 11747
    Click Here to Email Us

    Archives

    January 2023
    October 2022
    August 2022
    July 2022
    April 2022
    March 2022
    April 2021
    March 2021
    February 2019

    Categories

    All
    FAQs
    Financial
    Insurance
    Local
    Safety

    RSS Feed

​Licensed in New York, New Jersey, Connecticut, Pennsylvania, Delaware, North Carolina, South Carolina, Georgia, and Florida.

Navigation

Homepage
Insurance Quotes
Policy Service
Insurance Products
Privacy Policy
Contact Us
Agent Login

Connect With Us

Share This Page

Contact Us

Michael M Insurance Services​
Office Location:
445 Broad Hollow Rd.
Suite 25
Melville, NY 11747

​Mailing Address:
PO Box 465
Brightwaters, NY 11718​
(631) 774-3786​
Click Here to Email Us
​

Location

Disclaimer- Michael M Insurance Services does not represent all of the Medicare Health Plans available in your area. For a complete list of plans feel free to contact us or go to the Medicare.gov website for more information. Plan listings can also be found in the Medicare and You Guide which can be found in the Medicare Document Library at the bottom of the Home Page. In any case we are available to assist you in getting the answers and information you need.
Website by InsuranceSplash
  • Home
  • Medicare
    • Part A
    • Part B
    • Part C - Medicare Advantage
    • Medicare Supplement
    • Part D
    • Medicare Seminar
  • Contact
  • About
    • Agency Photo Gallery
    • Blog
    • Office Appointment
    • Zoom Appointment
  • Other Services
    • Final Expense Insurance
    • Long Term Care Insurance
    • Online Documents