Open Enrollment begins 11/1/2022-01/15/2023. Coverage begins 01/01/2023 if the online application is submitted by 12/15/2022.

To view 2023 Blue Cross and Blue Shield of Arizona individual and family health insurance plans and prices, and apply online, please click HERE.

 

Over the counter drugs cannot be purchased with Arizona HSA funds, unless prescribed by a physician. The federal penalty for using HSA funds for things other than qualified medical or dental expenses is 20%.

A Few Arizona HSA Basics:

Designed to allow consumers more control over their health care expenses, health savings accounts permit businesses and individual consumers to take advantage of qualified high deductible health insurance plans with lower premiums. At Michael Higgins Insurance, we encourage our clients to enroll in an HSA qualified high deductible health plan. It’s a smart way to lower your health insurance costs, yet still protect yourself from very large medical expenses.

Arizona HSA

An HSA is a tax-exempt trust or custodial account to be used for paying qualified medical expenses. To open an HSA, you must enroll in a qualified Arizona HSA high-deductible health plan such as the BCBSAZ BluePortfolio HSA PPO or HMO plans which offer a variety of deductibles.

An HSA provides potential tax advantages for eligible individuals. Conveniently, there are no “use-it-or-lose-it” restrictions, so money in the HSA health savings account can be rolled over into the next year and become an “above the line,” tax deduction.

Who Is Eligible For an Arizona HSA?

Any individual who is covered under an Arizona HSA qualified high-deductible health plan, not entitled to benefits under Medicare, and not claimed as a dependent on another person’s tax return is generally eligible. Michael Higgins cautions that having other health coverage in addition to a qualified high-deductible health plan may make you ineligible to contribute to an HSA.

How Do I Contribute to an Arizona HSA?

Qualified members with a high-deductible HSA health plan may have contributions added to their HSA by themselves as an individual or employee, by an employer, or by joint employer/employee funding. Contributions up to the annual maximum may be made as late as April 15th of the following tax year. Additional “catch-up” contributions to the HSA, as permitted by federal law, are allowed for individuals between the ages of 55 and 64.

Michael Higgins Insurance provides only general information about Arizona HSA health savings accounts. Legal requirements are always subject to change. Michael Higgins Insurance does not render tax, investment or legal advice. Consulting with your tax or legal adviser should prevent any problems regarding satisfying certain eligibility criteria for an Arizona HSA account.