Arizona HSA Health Insurance Accounts

What our customers are saying…








Thank you so much for helping me get my insurance so quickly. I appreciate all of your help. I will definitely recommend you to my fellow classmates.
— Dave
Mr. Higgins explained in ways that I can understand. His compassion was unequal!
— Roxanne,
Thanks, Michael, I truly appreciate your prompt assistance…
— Laura
Thank you. This is helpful and I appreciate your time and assistance.
— Rick,
I was glad that you answered the phone. I know I made a good choice choosing you as my broker and applying with Blue Cross Blue Shield of Arizona. The more I think about it, the more I want to be with a company that has widespread recognition and is everywhere. So thanks again for everything!
— Liza,
“Hi Mike,
…my mother lives in Texas, but I thought I would ask you (a question about health insurance,) since the
comments about you on the website were heartfelt.

Thank you.

-L.M.
Houston, TX
— Rick,

“Mike,

You have provided professional & friendly guidance to our family for so many years and I hope you know how much we appreciate your help!!

Sincerely,

Charlotte”

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 HMO plans which offer a variety of deductibles to choose from.

An Arizona HSA provides potential tax advantages for eligible individuals. Conveniently there are NO “use-it-or-lose-it” restrictions, so money in the Arizona 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 Arizona HSA HMO 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 Arizona 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, http://www.healthequity.com/BCBSAZ. Qualified members may open a health savings account with HealthEquity, or choose another HSA administrator such as HSABank, (below,) 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 of $2.70 in 2016.

Here are the links to open an HSABank account: The first link is for individuals and families, and the second is for employers and employees. HSABank was one of the first banks in the Arizona HSA business.

Arizona HSA for individuals and families.

Arizona HSA for employers and employees.

For more information about Arizona HSA Bank or to obtain paper enrollment forms instead of applying online, please call HSA Bank at (866) 471-5275, Monday thru Friday: 7 a.m. to 9 p.m. CST.

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 advisor should prevent any problems regarding satisfying certain eligibility criteria for an Arizona HSA account.