Ryan Kennelly
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Do My HSA Contributions Provide Any Tax Benefits?
There are three key tax benefits to a Health Savings Account (HSA). Money goes into and comes out of an HSA tax-free (as long as funds are used to pay for qualified medical expenses). Contribution...
Do the 2018 Cigna exchange plans in Illinois have the lowest rates?
In most cases, yes. The Illinois Department of Insurance confirmed in mid-September that Cigna would offer on-exchange plans in the exchange, in the Chicago area including Cook, Dupage, Will, and ...
What Silverscript Part D Plans are available in Colorado?
Plan Design – SilverScript Choice Stage SilverScript Choice Premium $32.00 Annual Deductible $0 applies to all tiers Initial Coverage (ICL) SilverScript Choice is a $0 deductible pl...
I just applied for an Aetna on-exchange plan through healthcare.gov. When can I submit payement?
After you have chosen a plan and submitted enrollment to the marketplace, you just need to pay their first month’s premium for their plan to become active on their effective date. All individuals h...
Will BCBSIL "grandfathered plans" be renewable in 2017 in Illinois?
Can I Cancel My Dental Plan?
Generally you can cancel a dental plan at anytime, by not paying, if it’s a stand-alone dental plan. If you have a plan that includes dental, you can switch it during open enrollment, but can’t dro...
Can I Purchase Long-Term Care Insurance with my HSA Account?
Yes, if you have tax-qualified long-term care insurance. However, the amount considered a qualified medical expense depends on your age. See IRS Publication 502 for the amounts deductible by age.
Can I Borrow Against My HSA Account?
No. You may not borrow against it or pledge the funds in it. If you borrowed from your HSA account for non-qualifying purchases and later "replace" the money in your HSA account, you may be subjec...
Do My HSA Contributions Have To Be Made in Equal Amounts Each Month?
No, you can contribute your HSA contribution in one lump sum or in any amounts or frequency you wish up to the HSA maximum contribution. However, your account trustee/custodian (bank, credit union,...
What is Out-of-pocket Maximum?
The most you have to pay for covered services in a plan year. After you spend this amount on deductibles, copayments, and coinsurance, your health plan pays 100% of the costs of covered benefits. T...