An Ohio HSA-qualified HDHP is the best way to ensure affordable Ohio health insurance. If you have an Ohio HSA-HDHP plan or are considering one, its important to understand the 2012 changes for HSA contribution limits and HDHP out-of-pocket maximum changes
With the IRS announcing the cost-of-living adjustments affecting
Health Savings Accounts (HSAs), HSA contribution limits and High
Deductible Health Plans (HDHP) out-of-pocket maximums will see slight
increases in 2012. HDHP minimum required deductibles remain the same as
in the last two years. With some professional guidance, you can easily
find affordable Ohio health insurance with an HSA-qualified HDHP.
Health
Savings Accounts (HSAs) help you set aside tax-free dollars to pay for
qualified medical expenses. If you have a High Deductible Health Plan
(HDHP), you need to make payments up to a certain yearly deductible
amount before your insurance plan begins to pay for any benefits. One of
the biggest advantages of having an HDHP is that it allows you to
enroll in the tax-advantaged HSA. In fact, an HSA is available only if
you have an HDHP.
Ohio HSA-HDHP Plans Changes to Note
If
you have an Ohio HSA-HDHP plan or are considering one, its important
to note the changes for HSA contribution limits and HDHP out-of-pocket
maximum changes in 2012:
HSA Contribution Limits: -
Individual (self-only HDHP): $3,100 ($50 increase from 2011) -
Family: $6,250 ($100 increase from 2011)
HDHP
Out-of-pocket Maximums: - Self-only: $6,050 (a $100 increase
from 2011) - Family: $12,100 (a $200 increase from 2011)
Some
things have remained unchanged from 2011: Limits for catch-up
contributions (for persons over age 55) are still $1,000. Similarly,
HDHP Minimum Required Deductibles are the same as last year with
self-only HDHP coverage at $1,200 and family HDHP coverage at $2,400.
One
important restriction that came into effect in 2011 was regarding the
use of HSA, Flexible Spending Account (FSA), Health Reimbursement
Account (HRA) funds. Law passed in 2011 allows individuals with these
accounts to purchase over-the-counter (OTC) medications (except insulin)
only using prescriptions. Those who use the funds in these savings
accounts inappropriately will have to pay a tax on the purchase as well
as a 20 percent penalty.
Enrolling in a Plan to Meet Your
Needs
Leading Ohio insurance companies such as Anthem
Blue Cross Blue Shield, United Healthcare, Medical Mutual of Ohio,
Aetna, Golden Rule and Humana offer affordable Ohio HSA-qualified HDHP
plans. The best way to find an Ohio health insurance plan that fits your
needs is to get professional guidance from an experienced Ohio health insurance broker based in Ohio.
A reliable agent will discuss your eligibility for HSA health
insurance Ohio, research your options and help you choose
an affordable plan.
Tracy McManamon is an Ohio health insurance consultant at One Source Benefits. As a licensed broker with over 25 years experience, he provides the lowest possible rates for health insurance Ohio plans with free quotes.
