If you are looking for affordable Ohio health insurance in 2011, Health Savings Account (HSA) plans are a great choice. High-deductible health insurance plans (HDHPs) that are tied to HSAs are becoming more popular, says industry trade association America's Health Insurance Plans (AHIP). The number of people enrolled in HDHPs rose 87 percent over the last three years from 6.1 million in January 2008 to 11.4 million in January 2011. HSA enrollment is the highest in the states of California, Texas, Ohio, Illinois, Florida, and Minnesota, reports AHIP.

High-deductible health insurance plans generally have lower premiums than conventional health insurance plans, but you pay more out of pocket before coverage begins. With a minimum deductible of $1,200 for an individual and $2,400 for a family, you can club a high deductible plan with a health savings account. You can deposit pretax savings in these accounts, along with employer contributions, to help cover qualified medical expenses.

Why HSA Plans are Affordable Ohio Medical Insurance Coverage

The tax advantages that an HSA account offers are:

• Contributions to an HSA account are tax deductible


• Interest or other earnings on an HSA account are tax-free


• Distributions taken for eligible medical expenses are tax free


• An HSA can be rolled over from year to year and the contributions stay in your account until you use them.


• You can use your HSA at any time to pay for medical expenses


• An HSA remains with you even if you choose to change your employer or retire

Of course, the money in your HSA can be used to pay only for qualified medical expenses. If you use the money for other than the qualified expenses, this amount will be subject to tax. Individuals who are not disabled or over 65 will have to pay a 20 percent penalty (see www.irs.gov for full list of eligible and ineligible expenses).

Managing Your Ohio HSA

Managing your Health Savings Account can help you make the most of it. Here are a few important tips:




• Track your HSA distributions: Check the IRS publication 502 for up-to-date information on qualified expenses


• Keep all important documents: This includes records, cancelled HSA checks or receipts, statements, IRS forms and so on to help in preparing and filing your tax returns


• Contribute as much as possible to your HSA: The contribution limits may change annually. So set a goal and put in as much as you can.


• Maximize your deduction


• Organize your tax records at the beginning of each tax year.


Ohio Health Insurance Plans from Leading Insurance companies

Leading Ohio medical insurance companies such as Anthem Blue Cross Blue Shield, Humana, UnitedHealthCare, Medical Mutual and Aetna offer premium High Deductible Health Plan (HDHP) that would help you enroll in an affordable HSA plan. The best way to enroll in a HSA that suits your needs is to compare Ohio health plans. Find a reliable Ohio health insurance agent to answer all your questions, help you get Ohio health insurance quotes and choose the right Ohio Health Savings Accounts plan.