Denver Health Savings Accounts, also known as HSAs are personal accounts that allows the policy holder to pay for medical costs with dollars that are tax free. To be eligible for and take advantage of a Denver Health Savings Account, one must have an HAS-qualified high deductible health plan also known as HDHP. Next, you must make tax-advantaged contributions. You must follow the US Treasury Department’s guidelines and Internal Revenue Service’s rules for HAS for qualification. There are minimum and maximum amounts for your deductible and limits to your out of pocket contributions.
Typically high deductible health plans (HDHP) often have lower monthly premiums than traditional co-pay insurance plans. Many policyholders use the money they save on monthly premiums and contribute to their health savings accounts. At that point, the policyholder can use these tax free dollars to pay for medical expenses.
If you are interested in lower premiums, tax benefits, or having personal control of your savings account for medical expenses, a Denver Health Savings Account with a HDHP may be right for your needs.
