Health Savings Accounts and Maternity Coverage

It’s not every day a bit of good news makes its way out of the world of health insurance. You’ve probably been hearing a lot about the rising costs of traditional health insurance premiums. Ready for the good news? The premiums of one type of insurance plan, Health Savings Accounts (HSAs), are actually decreasing!

What Kinds of Coverage Can Health Savings Accounts Offer Me?

Created by the Medicare Modernization Act of 2003, HSAs can give you real choice, offering a wide range of options to suit a variety of needs and budgets. When paired up with a qualified high deductible health plan, HSA accounts allow you to save money tax-free and your employer to contribute to those savings tax-free!

That makes Health Savings Accounts really good news if you’re thinking about starting a family!

HSAs, Maternity Coverage and You

Maternity coverage is often the most expensive part of a traditional health insurance plan. A Health Savings Account can change all of that. Buying into a qualifying high-deductible healthcare plan and then setting up an HSA Account can make 100% of your family’s maternity costs tax deductible!

For Example: If your family incurs $6,000.00 worth of maternity costs (that would include doctor’s visits, ultrasound tests, prenatal prescription vitamins, delivery, etc.), you’d be able to use up to $5,200 tax-free dollars from your HSA Account to cover those expenses. Better still, you’d be able to withdraw the remaining $800.00 from your HSA the following year.

More Maternity Options with an HSA

Because the cash in your HSA is tax free, you can dramatically cut the costs of maternity coverage. And because High Deductible Plans are subject to fewer coverage restrictions than traditional plans, you’ll have the option to take advantage of alternative care options such as mid-wives, well baby care and more!