Health Savings Account
A Health Savings Account (HSA) is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed 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 may earn interest that 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 in understanding the ins and outs of Medicare and Medicare Health Insurance options, including Medicare Advantage Plans(Part C), Medicare Supplement Plans(Medigap), Prescription Drug Plans(Part D), and Dental and Vision programs.
Mike is Licensed in seven States and Certified with 11 Insurance Carriers. He 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.
