The most distinct advantage of this type of health plan is the tax benefits, which are available to individuals and families, as long as their health plan is an HSA-qualified HDHP.
Bedford Park, IL (PRWEB) March 01, 2012
United Security Life and Health Insurance Company (USL&H) recently named American Chartered Bank as its Health Savings Account (HSA) administrator. One of the affordable health care plans USL&H offers its customers is the HSA-qualified High Deductible Health Care Plan (HDHP). HDHP policyholders qualify for an HSA which offers several distinct advantages, one of which is tax savings.
Sandra J. Horn, President, USL&H remarked, “There are many advantages of having an HSA-qualified health insurance plan. The first attractive benefit is a low premium. The concept of HSA-qualified plans was created in response to Consumer Driven Healthcare, which gives the individual more control over their healthcare costs. The HSA is offered as an HDHP, which helps to keep the premium low. The most distinct advantage of this type of health plan is the tax benefits, which are available to individuals and families, as long as their health plan is an HSA-qualified HDHP. USL&H has worked with American Chartered Bank to ensure the process is seamless and our customers are able to reap the tax benefits these policies afford.”
An HSA is a bank account where tax-free or tax-deductible deposits are made to pay for qualified medical expenses. Funds in an HDHP policyholder’s HSA can be used to pay for qualified medical expenses like doctor visits and prescription medication, not only for the policyholder, but for their spouse and tax dependents.
The maximum amount that can be deposited each year is defined by the IRS. For 2012, the maximum contribution limits are: $6,250 for family coverage and $3,100 for self-only coverage.
Any adult can contribute to an HSA if they meet the following requirements:
- Have coverage under an HSA-qualified “high deductible health plan”
- Have no other first-dollar medical coverage (other types of insurance like specific injury
or accident, disability, dental care, vision care, or long-term care insurance are permitted)
- Not enrolled in Medicare
- Cannot be claimed as a dependent on someone else’s tax return.
USL&H has made it easy and convenient for their customers to open their HSA with American Chartered Bank. Customers just need to visit the company’s website http://www.uslandh.com and click on the HSA information section.
About United Security Life and Health Insurance Company:
USL&H is a regional insurance carrier that offers cancer, accident hospital indemnity, critical illness, dental with vision and hearing, disability income, health and life insurance products to individuals and families. Founded in 1973, USL&H is licensed to sell its products in Arizona, Arkansas, Illinois, Indiana and Missouri and Nebraska through a network of independent insurance agents. For more information on USL&H please visit the company’s website at http://www.uslandh.com.