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.

 

Here’s why they have become so popular:

HSA Plans can offer Lower Premiums

HSA plans sometimes have lower premium than standard plans. This is especially true of the Mpowering Benefits HSA-qualified health sharing program.

Tax-Deductible Contributions

Contributions to an HSA are tax-deductible. Annual contribution maximum limits for 2020 is $3,550 for individuals and $7,100 for families. For 2021, individual contribution limits are $3,600 while family contribution limits are $7,200.

IMPORTANT: You must have your HSA-qualified health insurance in place before December 1 in order to qualify for a tax break during the following April’s tax season

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Unused funds grow in your account tax-deferred, and can be withdrawn penalty-free at age 65.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 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

Learn More About Colorado Health Insurance Plans

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

Learn More About Colorado Healthshares Plans