Hyers & Associates

Health Savings Accounts are designed to compliment high deductible group and individual insurance policies. Consumers often choose high deductible policies in order to pay a lower premium. The amount saved by purchasing the higher-deductible/lower premium policy can be contributed to a HSA account to pay for qualified medical expenses.

We work with the leading providers including Aetna, Anthem, American Community, Assurant, Golden Rule/United Health Care and Medical Mutual of Ohio. On our site, you can search the most popular and affordable carriers to obtain a competitive individual or family HSA quote. Please call for group health quotes.

Provider Quotes

Click on the company logos below to quote or purchase coverage online.

Dollars contributed into a HSA by an individual or an employer are considered pre-tax. In this way, a Health Savings Account works much like an Individual Retirement Account. The contributions to a HSA are tax deductible and grow tax deferred. A money market account can be used to safely invest the contributions until they might be needed. (In addition, many plans offer mutual funds as an investment option in order to further increase the value of the account.) Plan owners are not taxed on any interest or fund appreciation in the account as long as funds are used for qualified expenses.

Unused dollars in a HSA plan rollover year to year while the account value increases through tax deferral. The plans are portable, meaning the contributions are not lost should coverage be discontinued with the insurance company. The insured owns all deposits and can name a beneficiary for the proceeds at passing. If funds still remain in the account at age 65, they are usually withdrawn by the owner and taxed as ordinary income. (Once age 65 is reached most consumers discontinue their health insurance plans, opt into Medicare and purchase a Medicare Supplement.)

Eligibility and Contribution Limits

There are only a few criteria that must be met in order to participate in a HSA. Namely, individuals or employees must be enrolled in a high deductible health plan. An annual deductible of at least $1,150 for an individual policy or $2,300 for a family plan must be selected.  In addition, participants must not be enrolled in another qualified health insurance plan.

Contribution maximums for 2009 are $3,000 for individuals and $5,950 for families.  New legislation this year allows for lump sum contributions by account holders up to the above listed maximums. Deposits are no longer limited by the insurance deductible selected. Additionally, consumers may transfer tax deferred dollars from a qualified plan like an IRA (Individual Retirement Account) in order to immediately fund an HSA. Employer plans will allow account holders a one time transfer from a FSA or HRA plan.

Health Savings Accounts are designed to be easily maintained and operated. HSA specific websites are setup by the insurance providers so that account holders can simply manage their transactions. In addition, many insurance companies issue checkbooks or credit cards to the insured that draw directly from the HSA funds. Unused deposits increase at current money market interest rates.

Get a Quote

Health Savings Accounts are a valuable tool to consider when purchasing a health insurance policy. In many cases, a high deductible insurance policy coupled with a Health Savings Account will provide more savings to the insured than a traditional insurance plan.

If you would like to view an HSA demonstration from Assurant Life, please visit: Answers by Assurant and click on View HSA Tools Demo on the right side of the page.

If you are ready to obtain a quote or purchase coverage, we offer plans with four of the leading carriers in the country — Aetna, Anthem, Assurant Life and Golden Rule. Use the links above to obtain coverage immediately.

For further information about health insurance please refer to the “Shopper’s Guide to Health Insurance & HMO’s” provided by The Ohio Department of Insurance.