Health Savings Accounts in Arizona

If you are considering changing your Arizona health
insurance policy, you should be aware of the option
of a Health Savings Account (HSA).

Health Savings Accounts started to become available
(and legal) in 2004, allowing people with
high-deductible insurance policies to set aside
tax-free money to fund medical expenses up to the
maximum deductible amount.

If you don’t have to use the funds, it rolls over
every year. Once you reach age 65, you no longer are
required to utilize it for health costs, though you
positively can; you can remove money under the same rules as a traditional IRA.

Though you will be penalized if you use the money
for non-health costs before to age 65. You can use
the funds for vision care, alternative medicine or treatment and dental care.

For 2008, an individual may put asideup to $2,900 tax
free. The maximum deductible would be $1100 and the
maximum out-of-pocket cost would be $5,600.

For a family, the maximum tax-free contribution is
$5,800 with the maximum deductible of $2,200 and the
maximum out-of-pocket cost would be $11,200.

HSA'S are definitely a doable way to shelter income while providing catastrophic insurance coverage in light of the high cost of low-deductible medical insurance policies.

For healthy people, it deserves some study. Talk to with your medical insurance broker for all of the facts concerning this style to managing your insurance
requirements.

About the Author:
Matt Irons is the owner of Irons Family Insurance in Queen Creek, Arizona. Matt Irons is dedicated to the well being of his clients, by providing peace of mind and helping them find quality Arizona health insurance at an affordable price. He cares by giving honest answers and advice to solve your health insurance needs.

Contact Information:

Matt Irons
Email: matt@ironsfamilyinsurance.com
Phone: 602-573-4198
FAX: 623-691-8033
www.IronsFamilyInsurance.com
www.AZHealthQuote.Net
www.Arizona--Health--Insurance.com