Santa Ana, CA (PRWEB) December 15, 2004
Due to the ÂMedicare Prescription Drug, Improvement and Modernization Act of 2003Â signed into law by President Bush on December 8th, 2003, individuals can now save for future health care expenses on a tax-free basis.
The Health Savings Account, or HSA, is a special account owned by an individual. Contributions are made to the account to pay for current and future medical expenses. The HSA is not the health plan itself. It is actually a type of tax-free savings vehicle for handling the contributions. The HSA is used in conjunction with a ÂHigh Deductible Health PlanÂ or HDHP. These are specially designed health plans that meet HSA eligibility criteria.
There are many benefits to the new HSA plans. All contributions, earnings and eligible withdrawals are tax-free. All contributions belong to the individual and are portable. Any unused amounts will roll over for use in later years. Individuals and family members can make tax-deductible contributions to an HSA even if the individual does not itemize deductions. There are no income restrictions and no requirements of having earned income to contribute to the plan. Finally, to further encourage savings for future health care expenses, HSA owners between the ages of 55 and 65 are able to make additional Âcatch-upÂ contributions ($500 in 2004).
NeedToGetInsurance.com currently offers five HSA plans from Blue Cross of California, Blue Shield of California and Health Net. Using the websiteÂs quote engine, a search can be narrowed to just show HSA plans. To help in the visitorÂs decision-making process, each planÂs benefits are outlined in detail.
In three simple steps, California health plan shoppers can get affordable health coverage for their individual or family needs. Within minutes they can run a list of quotes, compare plans, make a choice and download the plan application. Some plans even offer an online application. Once the application is submitted, most people are approved within days. The site is designed for ease of use and does not require interaction with an agent. If questions arise, visitors to the site can fax, e-mail or call.
NeedToGetInsurance.com is a joint venture between California health insurance licensed agents Steve Rumsey and Paul Hewitt. Mr. Rumsey and Mr. Hewitt have been licensed in California for 10 years.
For information: http://www.needtogetinsurance.com
Steve K. Rumsey, MBA
California License #0B60100
2101 E. 4th St., Suite 120A
Santa Ana, CA 92705
Phone: 877-885-7468 or 714-836-7744