Arizona HSA Health Insurance Accounts

30-360 Day Short Term

30-90 Day Short Term

Short Term Medical

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Over the counter drugs can no longer be purchased with Arizona HSA funds, unless prescribed by a physician. The federal penalty for using Arizona HSA funds for things other than qualified medical or dental expenses is now 20%, up from 10%.

A Few Arizona HSA Basics:

Arizona HSAIn 2003 the Medicare Prescription Drug Improvement and Modernization Act expanded the Arizona HSA health benefits available to consumers such as the self-employed and employer groups of any size by authorizing the use of health savings accounts, known as “HSA”s. Designed to allow consumers more control over their health care expenses, these health savings accounts permit businesses and 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 such as the Blue Portfolio, and open an HSA savings account either through the BCBSAZ partner Health Equity, or through your local bank. It’s a smart way to lower your health insurance costs, yet still protect yourself from very large medical expenses.

Arizona HSA

An Arizona 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 Arizona 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.

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 such as the Blue Cross and Blue Shield of Arizona BluePortfolio  HSA plan may make you ineligible to contribute to an HSA.

How Do I Contribute to an Arizona HSA?

Qualified members with a high-deductible Arizona 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.

Where to Open an Arizona HSA

Blue Cross® Blue Shield® of Arizona is contracted with Health Equity. Qualified members may open a health savings account with HealthEquity, or your current bank. The benefit of using HealthEquity is that they handle all billing between the health care provider and the policyholder. No more receiving a bill from the doctor, comparing the billed amount to the Blue Cross Blue Shield of Arizona Explanation Of Benefits listing the Allowed Amount, then sending money from your HSA to the doctor… it’s all done for you by HealthEquity for a low monthly fee.


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.