Illinois HSAs Rock

The twenty first century calls for innovative changes in health care across the country. Americans are now able to take advantage of a Health Savings Account, something just a little different than traditional health care insurance.

Concerned health care consumers are able to opt for paying current expenses and save for future qualified medical/retiree health expenses on a tax-free basis by buying Illinois HSAs – Health Savings Accounts. These are much better than doctor’s office co-pay plans.

Why are they better? They’re better because the Illinois HSAs cover everything and not “just” the visit to the doctor’s office. In addition, not many people realize that when they go for further diagnostics after they’ve paid their portion of the doctor’s bill, the lab tests and other services have to be paid for out-of-pocket.
To take advantage of Health Savings Accounts an individual needs a High Deductible Health Plan (HDHP). The HDHP is also referred to as catastrophic health insurance, and usually costs less than traditional health care coverage. The reason it costs less is due to the fact the first several thousand dollars are paid by the client before coverage kicks in.

Money saved on insurance may then accrue in a Health Savings Account. The money in the account belongs to the account owner and decisions made to spend the funds are the sole responsibility of the account holder, not a third party or health insurance carrier.

Other interesting benefits offered by a Health Savings Account include the ability to invest the money however the account holder sees fit to grow money to save for the future. Having control over the disposition and day-to-day account management adds value to this alternative solution to traditional health insurance plans.

People don’t buy an Illinois Health Savings Account. It’s just that – a savings account that accrues money on a tax-preferred basis. The only thing purchased with an HSA is the HDHP. The idea is the HDHP covers the shortfall if medical bills exceed funds available in the HSA.

To qualify for an Illinois Health Savings Account the minimum deductible for the HDHP is set at a certain amount for individuals and families, as are out-of-pocket expenses. Speak to your expert local insurance broker about the variable deductible amounts, about preventive care and higher out-of-pocket limits.
Banks, credit unions, insurance companies and other approved companies offer Illinois Health Savings Accounts for the general public. Or an employer may offer a plan for workers. If other health care plans do not pay out significant dollar amounts, they may be kept along with the Health Savings Account.

Randy Gillespie is with Illinois health insurance agency, Focus Insurance Group. To learn more about Illinois health insurance, Illinois health insurance quotes, Illinois group health insurance or to get an Illinois health insurance quotes, visit

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