National HSA Awareness Day 2023: Date, History, Facts about Health Insurance

Annually, National HSA Awareness Day is observed on October 15. The purpose of the holiday is to increase public understanding of the value of health savings accounts. Histories of Savings Accounts (HSA). The funds are deposited into this medical savings account in order to pay for medical expenses. The funds deposited into such accounts are under the individual’s control and supervision, not that of an employer or insurance company. While an employer may make a contribution to the H.S.A., the account remains primarily under the individual’s control, and any funds remain theirs even in the event of a job transition.

The background of National HSA Awareness Day

The abbreviation H.S.A. refers to a medical savings account in which funds are accumulated in order to pay for healthcare-related costs. The funds deposited into such an account by individuals or organizations are under the individual’s control and supervision, not that of the insurance company or employer. There is speculation that H.S.A.s were established with the intention of regulating healthcare expenditures; this is based on the premise that individuals would be more prudent with personal funds designated for healthcare-related purposes.

One advantageous aspect of H.S.A. ownership is that it qualifies as a tax-advantaged account. Withdrawals for eligible expenses do not subject the deposited funds to taxation. Indeed, certain H.S.A.s may accrue interest. The funds could be invested tax-free in mutual funds or other investments. At the end of the year, unused account balances have the option to be carried over to the following year. The tax deductibility of employer contributions to employees’ HSAs is a significant advantage. In addition, contributions by employees to their own H.S.A.s contribute to the reduction of payroll taxes.

Individuals who are not 65 years old and possess high-deductible health insurance are eligible to establish an H.S.A. The secondary coverage spouse of an individual whose insurance is being utilized as secondary coverage must also maintain a high-deductible insurance plan. Medicare participants are ineligible to make contributions to an HSA beginning with their initial month of enrollment.

National Cheese Curd Day 2023: Date, History, Facts, Activities

National Eddie Day 2023: Date, Background, Activities

There are 5 distinct varieties of health insurance.

Platinum

Individuals with Platinum Platinum health insurance plans generally have their medical expenses covered by approximately 90%, with a 10% co-payment.

Gold

A typical Gold health plan provides coverage for 80% of medical expenses.

Silver

Individuals with Silver Silver health insurance plans are responsible for 30% of their medical expenses, which are covered by the plan.

Bronze

Bronze health plans generally provide coverage for approximately 60% of an individual’s medical expenses, with the remaining 40% being the responsibility of the individual.

 catastrophe

Health insurance for catastrophes provides coverage for both preventative and emergency care.

NATIONAL HSA AWARENESS DAY DATES