The wave of HSA plans continues to grow. Are you familiar with this options?
Let’s start here—what is an HSA? An HSA or Health Savings Account is an innovative approach to health insurance. HSA qualified plans are those:
 1. With a qualified high deductible health insurance plan
 2. An individual tax exempt trust (savings/investments) The HSA account is designed as an avenue to help insureds pay for routine medical expenses & provide savings for the future.
The high deductible health plan is the primary outlet of savings, which could fund the HSA account itself. These accounts are growing in popularity—here’s some nifty facts:
A major financial company indicated the biggest one year increase in its use of Health Savings Accounts in recent history. Significant growth in Health Savings Accounts business is due to employers turning to high deductible health plans to control escalating costs. Employees are turning to the accounts for future health care expenses and their long-term savings potential in a tax free environment. Federal guidelines on annual contribution limits for 2012 rose to $3100 for an individual an increase of $50 and $6250 for a family contribution to their HSA account, an increase of $100. The “catch up” amount for those over 55 years old increases that contribution limit by $1000. Gallen Insurance specializes in the combination of qualified High Deductible Health Plans and Health Savings Accounts to reduce health plan costs and to take advantage of the tax savings on deposits to Health Savings Accounts.
Have questions? Contact our benefits department by calling our office at 610-777-7123 or email
jmahoney@galleninsurance.com