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Oklahoma Health Savings Account
 
 
bulletCall  888 - 357- 4501 for a fast quote!
bullet Click here to email your questions to us.
bullet Click here to complete and submit a quick quote form.
 
  What is an HSA?

  Why should I have a Health Saving Account for me or my family?

  How does it work? 

  Answers to "deductibles" questions

 
Who qualifies? 

  List of Eligible Medical Expenses

  Reports & Management Fees

  Benefits - Tax Benefits

  Tax Deductible Contribution Limits

  Why would someone who is less healthy want a Health Savings Account?

 
 

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What is a Health Savings Account?
Health Savings Account  (HSA) is a tax-favored savings account that is combined with high deductible insurance to help pay your medical expenses.  The savings in the account pay your health costs until the deductible is met and the insurance takes over payment.  Summary:
Health Savings Accounts are a new option for health insurance and they have two parts:
1) a health insurance policy that covers large hospital bills.
2) the Health Savings Account, an investment account or retirement account..
 

bullet Why should I have a Health Saving Account for me or my family?
If you or your employer are tired of sending hundreds and hundreds of dollars each month to your health insurance company, and would prefer to keep a big chunk of that money for yourself to spend on health expenses or save it for the future, then you need to look into a Oklahoma Health Savings Account.  Do you have an HSA qualified health insurance plan?

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How does it work?
Each year, you or your employer are entitled to contribute the amount of your health plan’s deductible.  This contribution is 100 percent tax deductible.  You then withdraw money from the account as needed.
 

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What happens to the remaining money when my deductible is met?
Your insurance takes over payment of health costs. 
 

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What if I never meet my deductible?  Do I lose the remaining money?
Absolutely not!  The remaining money in the HSA is your money.  It will continue to accrue interest and will remain in your account year after year until you withdraw it.

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Who can qualify for an HSA?
The individual must be:
1) Covered by high deductible medical insurance;
2) Not covered under other health insurance; and
3) Not entitled to Medicare
 

bulletCan my spouse have an HSA?
Yes, provided he or she is covered under his or her own high deductible medical insurance.  If both of you have HSAs, the maximum tax-deductible savings account contribution for each is equal to one-half of the maximum tax-deductible family contribution limit.  This limit is determined by the deductible level of your medical plan.

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bullet What kind of reports will I get?
You will receive quarterly statements showing deposit and withdrawal activity with your account balance.
bulletAre there HSA management fees?
Yes. Minimal.
bulletHow do HSAs work with Physician and Provider networks?
Paying the bill:  If you have network coverage, you should not pay for your in-network medical care at the time of service.  Your provider will send the bill to the network for repricing at the discounted rate.

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The Benefits of an HSA

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Your savings can pay 100 percent of medical costs until the deductible is met.
 

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Your savings can be used to pay non-covered medical expenses such as dental and vision. 
 

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Your savings can be used to purchase over-the-counter drugs and long-term care insurance.
 

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It is your account.  If you change jobs it goes with you. 
 

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It can be used to cover co-payments once your deductible is met.
 

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During any period of unemployment, your savings can be used to pay health insurance premiums.
 

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Your employer can make contributions to your account. 
 

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After age 55, you can make additional contributions over the amount of your deductible.

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Tax Benefits
What are the benefits?

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All contributions are 100 percent tax deductible.
 

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All accrued interest is tax deferred.  If withdrawn for medical expenses, all interest is tax free.
 

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After age 65 you can withdraw funds for any reason, without tax penalty.

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bullet What are the tax deductible contribution limits?
Monthly contribution limits are based on:
1) The medical insurance deductible amount;
2) Whether you have single or family coverage under the high deductible
    medical insurance; and
3) Medicare eligibility. You may no longer contribute once you become
    entitled to Medicare.
    Singles       Families  
Deductible $1,000 $1,700 $2,600    $2,000 $3,450

$5,150

Maximum Monthly Deposit
(Tax-Deductible Limit)*
$83.33 $141.66 $216.66 $166.66 $287.50 $429.16

*Those individuals 55 and over may contribute an additional $500 for tax year 2004.

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More information?

bulletCall  888 - 357- 4501 for a fast quote!
bullet Click here to email your questions to us.
bullet Click here to complete and submit a quick quote form.
bulletScroll down for additional HSA information.

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Additional Information on Health Savings Accounts (HSA

 

Do I have an HSA qualified health insurance plan?

Why would some one who is less healthy want a Health Savings Account?

Is there an IRS approved list of medical expenses that I can spend my tax free Health Savings Accounts funds on?

Do I have an HSA qualified health insurance plan?
bullet The quickest way;   Ask your health insurance company. If they say ‘yes,’ then you know your health plan qualifies you to open an Oklahoma Health Savings Account (HSA).
bullet Yes, if your insurer offers both the insurance and the HSA account for the health insurance policy you have.
bulletIf your employer provides your health insurance, ask your employer.
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Family Insurance:  Yes, so far, if your annual deductible is between $2,000 and $10,000.  This can, however, become complicated depending on the type of deductible, so it is best to contact your insurer or John Krogh AARK Insurance.
Singles:  Yes, so far, if your annual deductible is at least $1,000 or not more than $5,000.  No, it does not qualify as a HSA qualified health insurance plan if your insurance plan maximum out-of-pocket expenditure exceed $5,000.

 

Your best option is to
 contact John Krogh AARK Insurance and he will quickly and carefully evaluate your situation to see if an Oklahoma Health Savings Account is a viable option for you or you and your family.
Call
1-888-357-4501.
 

 

Why would someone who is less healthy want a Health Savings Account?

  1. Control over their own health care decisions and treatments.
  2. Financial incentive.
  Let John Krogh at AARK Insurance explain this in detail.
Call 1-888-357-4501.
 

Is there an IRS approved list of medical expenses that I can spend my tax free Health Savings Accounts funds on? What Other information is provided by the IRS?

Yes, there is list of allowable expenses published by the U.S. Treasury Department, actually the Internal Revenue Service, referred generally as the ‘213 (d)’ list, since it appears in IRS regulation 213 (d). Here is a link to the list of allowable/not allowable expenditures: http://www.irs.gov/pub/irs-pdf/p502.pdf. To order the publication, call 1-800-TAX-FORM. 

In general, you can spend tax-free from your Health Savings Account on all medical, dental (including braces for your children), and vision expenses, chiropractic visits, and even acupuncture, but not on your insurance premium, unless you are unemployed and are collecting Federal unemployment benefits.

To Qualify as Self-Employed (IRS)
Health Savings Accounts & Other Tax-Favored Health Plans (IRS)

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