Michael M Insurance Blog

Health Savings Account (HSA)

Jul 1, 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 2024 the minimum deductible amounts are $1500 for an individual and $3000 for a family. Contributions can be made up to $4150 for an individual and $8300 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.

Mike Miligi- Owner- Michael M Insurance Services

For over 10 years Mike has been assisting Seniors and other Medicare eligible individuals understand the ins and outs of Medicare and Medicare Health Insurance options including Medicare Advantage Plans(Part C), Medicare Supplement Plans(Medigap), Prescription Drug Plans(PartD) and Dental and Vision programs.

Mike is Licensed in 7 States and Certified with 11 Insurance Carriers and has helped thousands of individuals decide on the best course of action for their particular Health Insurance needs. Because Mike is an Independent Medicare Health Insurance Broker, he works for the client not the Insurance Carriers and is able to provide his clients with accurate and unbiased Health Insurance options.

Mike recertifies with CMS(The Centers for Medicare and Medicaid Services) annually, regularly completes Continuing Education Courses required by individual State Insurance Departments and keeps abreast of industry trends and standards to offer his clients the most up to date information available.

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