Health Savings Accounts (HSA)

Discover a new health insurance option! Combine a tax-favored Health Savings Account (HSA) and an HSA-compatible health insurance plan to save money tax-free for healthcare costs!
HSA-compatible health insurance plans are often less expensive than other health insurance plans. Fund your Health Savings Account with pre-tax dollars, and reduce your taxable income.
A Health Savings Account (HSA) is a tax-favored savings account that is used in conjunction with an HSA-compatible high-deductible health insurance plan to make healthcare more affordable and to save for retirement.
HSAs are similar to IRAs, but even better:

  • Pre-tax money is deposited each year into an HSA and can be easily withdrawn at any time with no penalty or taxes to pay for qualified medical expenses. Withdrawals can also be made for non-medical purposes, but will be taxed as normal income and are subject to a 10 percent penalty if done prior to age 65.
  • Any HSA funds not used each year remain in the account, and earn interest tax-free to supplement medical expenses at any time in the future.
  • Like an IRA, the account belongs to the employee, not the employer. But unlike an IRA, an employer CAN contribute to an HSA.

Get your free HSA quote!

NOTE: All applications go through an underwriting process. Most health insurance companies will reach a decision within 1 to 2 weeks. Individual and family health plans are not guaranteed approval. For guaranteed approval health insurance consider Small Business Group Health Insurance.

The open enrollment period for health insurance is currently closed (the next open enrollment period will be in the fall of 2014), but you may enroll in a Covered California health insurance plan now if you experience a qualifying life event.

Common types of qualifying life events for special enrollment:

  • • You get married or enter into a domestic partnership.
  • • You have or adopt a child, receive a child into foster care, or you place a child in adoption or in a foster home.
  • • You change where you permanently live (in-state, out-of-state, released from prison), gaining more options for Covered California health insurance plans.
  • • You lose your health coverage - no longer eligible for Medi-Cal or you lose health coverage through your job.
  • • Your income changes so much that you become newly eligible or ineligible for help paying for your insurance.
  • • You become a citizen, national or lawfully present individual.
  • • Your enrollment was wrong, due to the misconduct or misrepresentation of your health insurance company, Covered California or a non-Covered California entity (such as a Certified Enrollment Counselor).
  • • You applied for health coverage before March 31 and were denied for Medi-Cal after March 31.
  • • You are a member of a federally recognized American Indian or Alaska Native tribe.
  • • Covered California can also determine, on a case-by-case basis, that you experienced an exceptional circumstance, which could allow for a special enrollment period. Live Help Accept Decline Close