Understanding the Basics of a Florida Health Savings Account

by | Sep 7, 2018 | Investment Services

A Health Savings Account, commonly known as an HSA, is a specially designed savings account that is associated with HMO and PPO plans that have a high deductible. An HSA utilizes pretax dollars in order to pay for vision and dental services, medical care and prescriptions that may not be covered by your average insurance policy. The Florida Health Savings Account is set up the same way and offers these services to those who sign up and pay into it. It has helped many individuals and families pay for medical care and treatments they otherwise wouldn’t have been able to afford with their current insurance plan coverage.

Being Eligible for a Florida Health Savings Account

Eligible individuals can apply for an HSA and will be required to complete a set of authorization and approval interviews and filing steps. Once they have been approved and all paperwork is submitted and filed, the HSA is opened and the state deposits a certain amount of money into it. Individuals are also encouraged to add their own pretax contributions as well to increase the yearly funds available to them in their Florida Health Savings Account. You can contact a local health insurance provider or consultant to learn more about the requirements for HSA and how to begin the process of getting approved for one for yourself or a family member.

Using the Funds in Your Health Savings Account

Those who have a Health Savings Account can use that money to cover essential medical care their insurance plan won’t cover. Hospital stays, certain medications, expensive procedures or general care not covered by their plans are just some of the ways people can use the money. The Florida Health Savings Account was designed to help individuals who are not fully covered by their current insurance plans pay for necessary medical care. It helps relieve the financial burden and makes it easier for families and individuals to have the money necessary to pay for medical care that otherwise would not be funded.

To learn more about setting up a Florida Health Savings Account, visit their website today!

Latest Articles



Similar Posts