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Individual Health Insurance
HalSi Insurance Services specializes in the following Individual Insurance products
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Health Savings Account
Set aside funds for future medical expenses with an HSA
What is an HSA (Health Savings Account)?
It is similar to an IRA, but the money in an HSA account can be withdrawn to pay for medical expenses. Like an IRA, the money deposited into an HSA, and the interest earnings, are tax-deferred.
How does an HSA work?
You obtain a qualified high deductible health insurance plan (Medicare is not HSA qualified). The premiums for these plans are lower because of the high deductible. You deposit the money you save on premiums into a tax-favored savings account. The money in the savings account can be used to pay for qualified medical expenses that are less than the deductible on the insurance plan. The insurance pays benefits after the deductible has been met.
What happens to the funds in the savings account?
If you do not use the money in the savings account to pay for your medical expenses, the money will accumulate tax-deferred until you retire.
Who Qualifies for an HSA?
Businesses and individuals with a qualified high deductible insurance plan qualify for an HSA. Medicare beneficiaries do not qualify.
