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California health insurance  -  Understand health insurance in California  -  HSA health plan funding reality

The Funding Reality and California HSA health plans

HSA plans have been a very important and popular health insurance option on the California individual market for almost a decade now.

There was time when the pricing was outstanding for HSA plans on the individual market.

When the first wave of HSA plans really hit the market in force, they were breath of fresh air from the plans on the market. It took a while for people to really understand their merits of the high deductible plans since most of the other plans on the market at time were much richer in benefits but also much more expensive.

 The underlying health plans made sense just based on the annualized savings. We could usually get a $2500 deductible HSA plan and save a person $2000 each year. It was as close to a slam dunk as we could find in health insurance. On top of this, the HSA plans allowed for an inherent tax benefit which could save a person even more. We had a great run for many years but there have been some big changes since then and even more to come with health reform.

Now, the whole HSA picture depends on the tax account funding.

That's where we have a problem. Let's see why.

Comparing HSA plans now

We don't just help people with the initial enrollment for California health insurance.

Things change very quickly on the market and people's needs change.

It's very common to revisit a client's health plans to make sure they still have the best rate and option available on the market. We're also there for the ongoing relationship with our clients. Some of those calls are from clients who are on HSA plans. We'll usually run a quote for them to first check out the basics...meaning core benefits and premiums against the other plans on the market. These days, the HSA plans are pretty comparable in terms of deductible/maxes and premiums so it's not as clear as as it used to be. This brings us to our next question that we ask them. "Do you fund your HSA account?".

This refers to the tax favored account that goes along with the deductible plan. These days, the answer to this question almost dictates whether to go with an HSA plan or not.

Funding the HSA Account

The economy has been rough and funding the HSA account is one of the first things that gets postponed. Some of the answers we get clearly show that the client is not funding the HSA account.

They want to but they are not able to now.

This is a concern.

An average tax bracket of 30% applied to the maximum HSA annual funding of about $3K is approximate $900. That's about $80 monthly which we can consequently reduce our premium by to better compare the options. Now, the HSA plan option is starting to look much better because of that $80 but it requires that the enrolled is going to make the funding of the account.

 That's the funding reality of HSA's in todays world and you have honestly answer the question, "Will you fund the HSA account?" before making the decision to go that route.

Now, we don't know if the HSA plans will make the cut for Health Reform but in the interim, the tax benefit and it's after tax effect on our pocket book needs to be addressed first.

You can run your California Health Savings Account Plan Quote Online to view rates and plans side by side from the major carriers...Free.

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