An Ohio HSA-qualified HDHP is the best way to ensure affordable Ohio health insurance. If you have an Ohio HSA-HDHP plan or are considering one, it’s important to understand the 2012 changes for HSA contribution limits and HDHP out-of-pocket maximum changes
With the IRS announcing the cost-of-living adjustments affecting Health Savings Accounts (HSAs), HSA contribution limits and High Deductible Health Plans (HDHP) out-of-pocket maximums will see slight increases in 2012. HDHP minimum required deductibles remain the same as in the last two years. With some professional guidance, you can easily find affordable Ohio health insurance with an HSA-qualified HDHP. Health Savings Accounts (HSAs) help you set aside tax-free dollars to pay for qualified medical expenses. If you have a High Deductible Health Plan (HDHP), you need to make payments up to a certain yearly deductible amount before your insurance plan begins to pay for any benefits. One of the biggest advantages of having an HDHP is that it allows you to enroll in the tax-advantaged HSA. In fact, an HSA is available only if you have an HDHP. Ohio HSA-HDHP Plans – Changes to NoteIf you have an Ohio HSA-HDHP plan or are considering one, it’s important to note the changes for HSA contribution limits and HDHP out-of-pocket maximum changes in 2012:• HSA Contribution Limits:- Individual (self-only HDHP): $3,100 ($50 increase from 2011)- Family: $6,250 ($100 increase from 2011)• HDHP Out-of-pocket Maximums:- Self-only: $6,050 (a $100 increase from 2011)- Family: $12,100 (a $200 increase from 2011)Some things have remained unchanged from 2011: Limits for catch-up contributions (for persons over age 55) are still $1,000. Similarly, HDHP Minimum Required Deductibles are the same as last year with self-only HDHP coverage at $1,200 and family HDHP coverage at $2,400.One important restriction that came into effect in 2011 was regarding the use of HSA, Flexible Spending Account (FSA), Health Reimbursement Account (HRA) funds. Law passed in 2011 allows individuals with these accounts to purchase over-the-counter (OTC) medications (except insulin) only using prescriptions. Those who use the funds in these savings accounts inappropriately will have to pay a tax on the purchase as well as a 20 percent penalty.Enrolling in a Plan to Meet Your NeedsLeading Ohio insurance companies such as Anthem Blue Cross Blue Shield, United Healthcare, Medical Mutual of Ohio, Aetna, Golden Rule and Humana offer affordable Ohio HSA-qualified HDHP plans. The best way to find an Ohio health insurance plan that fits your needs is to get professional guidance from an experienced Ohio health insurance broker based in Ohio. A reliable agent will discuss your eligibility for HSA health insurance Ohio, research your options and help you choose an affordable plan.
How Your Ohio Health Insurance Plan Works
The right Ohio health insurance plan is one that would pay for the medical expenses that you cannot afford on your own. To choose the right plan, it’s important to understand how the different aspects of your health insurance work.
Why Ohio Health Care Costs Are Rising
Ohio health insurance premiums are rising. This is mainly due to increasing health care costs. It’s important to understand the factors that contribute to rising costs of health care. Controlling these factors can help to slow down the rise in premiums.
Newly Released Federal Requirements to Change Ohio Health Insurance Scene
The Obama administration has taken steps to implement the provisions of healthcare law which will change the Ohio health insurance scene in many ways. More people will have access to coverage, though it may raise costs for some.
