Understanding Health Savings Plans in NC
If you live in North Carolina and you’re looking for a flexible, cost-effective solution to managing your health insurance needs, a health savings plan might be just the thing you’re looking for. Health savings plans in NC offers a wide range of options and benefits that can fit comfortably within many different lifestyles and budgets.
What is a Health Savings Plan?
A health savings plan is similar to a bank savings account but with a few exceptions. For starters, the funds you deposit into the health savings account are non-taxable so you can legally avoid paying taxes on any monies you deposit (up to $3,050 for an individual or $6,150 for a family). The other primary difference is that the funds you deposit can only be used for medical purposes like paying for prescriptions or over-the-counter medications, surgical procedures, medical supplies, doctor visits and other health-related needs.
Advantages of Choosing a Health Savings Plan in NC
Health savings plans are designed to work alongside a high deductible health insurance policy. While the funds you add to your account can only be used for medical purposes, you have the freedom to decide how to spend the money. You can use it to cover prescription costs; you can save the money to pay for an upcoming surgical procedure or you can just let the money sit so it will be there in the event that you or a family member should need it. For many, having a health savings plan built in to their existing health insurance policy is like having a security blanket for their medical needs when they need it most.
For most accounts, any funds you deposit up to April 15th will be considered an “above the line” tax deduction on the previous year’s taxes. This enables you to receive a federal income tax deduction even if you choose not to itemize your deductions.
Additionally, health savings plans provide you with a convenient and smart way to reduce your monthly premium costs. By dropping a more expensive, low-deductible health insurance plan and going with a less expensive, high-deductible plan, you’ll save on your monthly premiums and that money can be used to fund your health savings plan. By managing your health insurance needs in this manner, you can use your tax-free savings for your medical purchases rather than paying for them out of pocket.
A Health Savings Plan in NC That Has You Covered
Blue Options HSA is BCBSNC’s high-deductible health insurance plan that’s combined with a tax-advantaged health savings plan. Both individual and family plans offer two different deductible choices and regardless of which one you choose, your preventive care exams and screening tests are completely covered 100%. With Blue Options HSA, members can also rest easy as this plan offers:
Schnitzer-Slate Insurance is the leading provider for insurance plans in North Carolina. From health plans, dental insurance and life insurance to group plans and Medicare, we offer a full selection of coverage options for you or your family. If you want to learn more about health savings plans in NC, just visit our website at www.healthplannc.com/ or call us at 910-338-3079. We’ll be more than happy to assist you in finding the perfect plan to suit your needs.
If you live in North Carolina and you’re looking for a flexible, cost-effective solution to managing your health insurance needs, a health savings plan might be just the thing you’re looking for. Health savings plans in NC offers a wide range of options and benefits that can fit comfortably within many different lifestyles and budgets.
What is a Health Savings Plan?
A health savings plan is similar to a bank savings account but with a few exceptions. For starters, the funds you deposit into the health savings account are non-taxable so you can legally avoid paying taxes on any monies you deposit (up to $3,050 for an individual or $6,150 for a family). The other primary difference is that the funds you deposit can only be used for medical purposes like paying for prescriptions or over-the-counter medications, surgical procedures, medical supplies, doctor visits and other health-related needs.
Advantages of Choosing a Health Savings Plan in NC
Health savings plans are designed to work alongside a high deductible health insurance policy. While the funds you add to your account can only be used for medical purposes, you have the freedom to decide how to spend the money. You can use it to cover prescription costs; you can save the money to pay for an upcoming surgical procedure or you can just let the money sit so it will be there in the event that you or a family member should need it. For many, having a health savings plan built in to their existing health insurance policy is like having a security blanket for their medical needs when they need it most.
For most accounts, any funds you deposit up to April 15th will be considered an “above the line” tax deduction on the previous year’s taxes. This enables you to receive a federal income tax deduction even if you choose not to itemize your deductions.
Additionally, health savings plans provide you with a convenient and smart way to reduce your monthly premium costs. By dropping a more expensive, low-deductible health insurance plan and going with a less expensive, high-deductible plan, you’ll save on your monthly premiums and that money can be used to fund your health savings plan. By managing your health insurance needs in this manner, you can use your tax-free savings for your medical purchases rather than paying for them out of pocket.
A Health Savings Plan in NC That Has You Covered
Blue Options HSA is BCBSNC’s high-deductible health insurance plan that’s combined with a tax-advantaged health savings plan. Both individual and family plans offer two different deductible choices and regardless of which one you choose, your preventive care exams and screening tests are completely covered 100%. With Blue Options HSA, members can also rest easy as this plan offers:
- Unlimited coverage for in-network services once deductible is met
- Free well-baby and well-child care including periodic assessments and immunizations
- Free or low-cost generic and brand-name drugs
- Low monthly premiums
- Added coverage for children 18 years or younger
- …and more!
Schnitzer-Slate Insurance is the leading provider for insurance plans in North Carolina. From health plans, dental insurance and life insurance to group plans and Medicare, we offer a full selection of coverage options for you or your family. If you want to learn more about health savings plans in NC, just visit our website at www.healthplannc.com/ or call us at 910-338-3079. We’ll be more than happy to assist you in finding the perfect plan to suit your needs.