• Home
• Insurance   
  • Overview
  • Group Health   
    • Plan Choices   
    • Free Quote   
    • Agent of Record   
    • COBRA Info   
  • HSA's / HDHP's
  • Key Employee Coverage
  • Individual Health   
    • About
    • Permanent Medical   
    • Short Term Medical   
    • Trip & Travel Insurance   
  • Life
  • Disability   
    • Important Information
    • Employer's D.I. Resource
  • Long Term Care
  • Dental
• Financial   
  • 401(k)
  • Annuity
  • Estate Planning
  • Flexible Spending Accounts
  • Retirement Plans
• Plan Lookup
• About Us
• Contact Us

HSA's/HDHP's

Healthcare Savings Accounts

Health Savings Accounts (HSAs) are tax-exempt accounts where funds grow to pay for eligible medical expenses. HSAs give control back to consumers and assist in lowering healthcare costs. Money you put in an HSA or that an employer contributes to your account and that you don't spend for qualified expenses can be rolled over and used in later years.

An HSA must be combined with an HSA-compatible health plan as defined by the IRS - Reichek Financial can assist with determining if a health plan is compatible.

High Deductible Health Plans

A high deductible health plan (HDHP) requires substantially higher than average out-of-pocket expenses before the insurance company will start paying for your medical expenses. However, the premiums for an HDHP are generally lower than the premiums for traditional insurance plans (PPO, HMO, etc).

The HDHP may also pay a larger percentage of your expenses once you have satisfied the deductible. If you have an HDHP, you may be eligible for a health savings account (HSA), which allows you to make tax-free withdrawals to pay for medical care that's not covered by your plan.

For more information regarding either the HSA or the HDHP,
please visit the HSA Bank website.