Health Savings Accounts
A Health Savings Account (HSA) plans can lower your premium, reduce your income taxes, and allow you to save money for future medical expenses tax-free. For these reasons, HSA plans have become the most popular plans we offer in Colorado.
Here’s why they have become so popular:
HSA Plans can offer Lower Premiums
Tax-Deductible Contributions
Contributions to an HSA are tax-deductible. For 2024, individual contribution limits are $4,150 while family contribution limits are $8,300 where as annual contribution maximum limits for 2025 is $4,300 for individuals and $8,550 for families.
Pre-tax medical expenses
Withdrawals are tax-free and penalty-free when made for HSA qualified expenses, including your deductible, birth control pills, contact lenses and eyeglasses, chiropractors, dental treatment, fertility treatment, vasectomies, and even travel expenses incurred while seeking medical care.
Tax-deferred growth
Unused funds grow in your account tax-deferred, and can be withdrawn penalty-free at age 65. There are a variety of investment options, including savings accounts, money market accounts, or a wide selection of mutual funds.
For more information on how HSA plans work, see our brief “How To” Guide to HSAs.
Health Insurance Instant Quote
HEALTH INSURANCE INFORMATION
- Plans approved and authorized under the Affordable Care Act
- Covers Pre-Existing conditions
- Low cost subsidized plans available to those earning
< 400% of the federal poverty level - Unlimited lifetime benefits
- Available during open enrollment (November 1 – January 15), or if you qualify for a Special Enrollment Period
Healthshare Instant Quote
HEALTH COST-SHARING INFORMATION
- Not health insurance, but a way for like-minded individuals to share medical expenses
- Waiting periods on pre-existing conditions
- May exclude sharing for certain conditions or activities
- Enroll any time
- Much lower monthly cost than unsubsidized health insurance