Health Savings Accounts. What you need to know (Part 2)
4 You must have an HSA-eligible health insurance plan in place first before you can open a Health Savings Account. Otherwise the tax deduction will not be allowed.
5It generally takes 4-6 weeks to actually get a HSA plan in place. Short term coverage is somehting that you should look into while waiting for your HSA eligible plan to take effect if you don't have other coverage in place. Coverage may be issued within 24 hours but it takes longer to receive ID cards and a printed policy.
6You should not use an HSA plan when the management of
your existing medical expenses is more important to you than
achieving a savings in insurance premiums. Whatever you do,
Do not change health plans in the middle of ongoing medical
treatments, when a major health issue has been diagnosed, or
when any family member is pregnant.
7. There is generally no fee or commission for health savings accounts although some custodial firms do charge a fee.
8. The amount that you deposit and withdrawal from your HSA are at your discretion (up the maximum deduction allowed each year).
The links below will provide specific resources that will help you choose health insurance in your state, as well as multiple carriers offering online health insurance quotes.
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