There’s a lot of talk about the future of health insurance in Florida (across the nation actually) right now, especially with the current presidential election. There may have been some terminology mentioned in debates that you aren’t familiar with. One is the Health Savings Account or HSA. It’s not a new plan but may be expanded to have more options available in the near future. This type of plan can be beneficial to many but understanding how it works is the first step.
An HSA from a bank or savings perspective is a type of account you set up with a participating bank that is designated to be used to health-related expenses only. The money you put in to this account is tax-free but cannot be used on anything but health-related things such as doctor’s visits, procedures, prescriptions, dental and vision services, etc. Health Savings Account funds cannot, however, be used to pay actual premiums.
An HSA from the health insurance perspective is a policy you elect that is typically all out of pocket up to a certain maximum. The most common HSA plan with Florida Blue has a $3,600 deductible (for individuals) that you would pay for yourself, then any and everything over that amount for the remainder of the calendar year is paid for in full by the policy. The maximum amount that you can deposit into the HSA bank account per year is $3,350 for an individual and $6,750 for a family (in 2016) but it will roll over to the next year if unused. After age 65, you can withdraw funds from an HSA account to be used for any reason, without penalty. If you withdraw funds for non-medical use prior to age 65, you must pay the appropriate income taxes as well as a 20% penalty.
The objective and benefit of an Health Savings Account is that you are setting aside money in a “savings” account that you may or may not need for health-related expenses but you’re saving on the taxes. You’re also guaranteeing that you won’t pay more than a certain amount of money towards health insurance costs in one calendar year. Health Savings Accounts are typically offered as an option on employer-provided group insurance as well as individual health insurance.
The following are some examples of qualified health-related expenses that an HSA can be used for:
Alcohol and drug addiction treatment
Breast reconstruction surgery
Diagnostic tests and devices
Eyeglasses, contact lenses and exams
Hearing aids and batteries
Learn more about Health Insurance by visiting other blogs on the topic on our website.
It probably wasn’t terribly shocking to many that Taylor Swift’s “1989” won album of the year. Or that Ed Sheeran’s hugely popular song “Thinking Out Loud” took song of the year. Meghan Trainor was a well-deserving recipient of best new artist and Bruno Mars’ Uptown Funk swept record of the year. These are just a few of the gold trophies that went out in last night’s ceremony for the 2016 Grammys.
Awards make people feel a certain kind of way. It’s important in today’s world to recognize and encourage success. Good people doing good things. McGriff-Williams has been honored to accept many awards of our own that we’re very proud of and motivated by.
Florida Blue Award for Top 5 agency in the northeast region for Medicare supplement sales and Top 10 in the northeast region for individual under 65 plan sales
Florida Blue Award for Top 15 agency overall in the state of Florida
“Witness Greatness” was the takeaway message from last night’s show. We feel confident that’s exactly what will happen with random acts of kindness happening tomorrow too. We appreciate the loyalty of our clients over the past 33 years and are grateful for the various acknowledgments we’ve earned.
We challenge you to share your admiration of others, especially tomorrow, and hand out your own awards…. Whether it’s a smile for a stranger, picking up the coffee tab for the car behind you or sending a handwritten note to someone you haven’t talked to in a while. We all need to recognize and reward good people doing good things.
McGriff-Williams Insurance recently received regional and statewide recognition for their sale of Florida Blue health insurance policies in Gainesville, FL.
As an agency, McGriff-Williams Insurance was recognized as one of the top 5 agencies in the northeast region for the sale of Medicare supplements (individuals 65 years of age and above), and as one of the top 15 Florida Blue health insurance agencies in the state of Florida. McGriff-Williams was also ranked within the top 10 in the northeast region for individual health insurance policies for individuals under age sixty-five.
A BIG congratulations to our Health Insurance Advisors, Pat Canty and Travis McGriff, on their individual achievements!
Pat Canty, a veteran of the health insurance industry and top performing Florida Blue sales agent, was recognized as the top (#1) sales agent for health insurance policies for individuals over 65 (Medicare supplements) in the northeast region and second in the state of Florida.
Health Insurance Advisor Travis McGriff, was recognized as the 2nd top sales agent for health insurance policies for individuals over 65 (Medicare supplements) in the northeast region and 5th in the state.
Have questions about your health insurance policy?
We would love to help guide you through the process. Please feel free to call (352-371-7977) or email us at firstname.lastname@example.org.