Who is Eligible to Open a Health Savings Account?

by | Mar 25, 2019 | Investment Services

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Health savings accounts are designed to help people deal with medical costs that they cannot cover using any other means. Along with the tax breaks, the typical HSA also provides a measure of security when some sort of medical issue needs resolving now. Are you eligible to open a Florida Health Savings Account? If any of the following applies to you, the answer is yes.

People With Health Insurance Plans That Include High Deductibles

You may have individual or group health insurance coverage, but what are those deductibles like? If that plan includes higher deductibles or co-pays, there’s a good chance that you can open a Florida Health Savings Account. Depending on the terms and conditions that govern the plan, you may be able to utilize the funds in your account to cover all or part of those deductibles.

People With No Health Insurance

Perhaps you currently don’t have any type of health insurance at all. What would happen if you had to seek medical treatment for a sudden condition or after an accident? How would you pay for the services rendered? Assuming that your HSA covers the type of illness or medical event you’ve experienced, the balance in the account could mean the difference between remaining financially stable or facing serious money issues.

People Who Are Not Claimed as Dependents

If you cannot be claimed as a dependent by a parent or other legal guardian or caregiver, you can open your own Florida Health Savings Account. When combined with the benefits provided by your high-deductible health insurance, you are in a much more secure position financially. You can continue to make contributions up to the allowed annual amount and rest assured they are there to draw on when any qualified medical event takes place.

Have you thought about how a health savings plan would benefit you? Take a closer look today and see what you think. Assuming you are qualified to open an account, this can be one of the simplest and most effective ways to create more financial security for the future. To know more, visit this website.


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