Hi there California health insurance consumers; you’ve recently turned 50 and your AARP card has shown up in the mail! Does this mean you can ditch your California medical insurance plan and start shopping for a Medigap plan? Uhh no.

However, it might mean that for certain California medical plan shoppers who are in their 50’s, empty-nesters and/or looking for interesting strategies to save money on monthly health plan premiums while setting aside money for post-retirement health care costs or to perhaps purchase a qualified California long term care insurance plan, a HSA-compatible high deductible health plan may be an interesting strategy worthy of a good long look as part of an always free, personalized one-on-one client consultation with your Vitality Health Insurance Services professional.

If you’re a regular reader of the Vitality Blog you may have seen our previous commentary on the advantages of the HSA for young adults. Well the HSA-compatible health plan also offers some interesting and innovative affordable California health insurance plan strategies for older Californians as well. Here are some highlights to consider:

• The HSA is a triple play tax winner at a time in your financial life when you might be looking for tax advantages: Tax deductions when you contribute; tax free investment earnings; tax free withdrawals when paying for qualified medical expenses.
• The HSA is about personal empowerment: Apply HSA funds – when you want! – towards qualified medical expenses or let that money continue to build tax free for a time post-retirement when you can then choose to use the funds towards medical expenses you might have had to otherwise pay for out of retirement savings or while on a fixed income.
• At age 55 and above, the HSA owner can also make catch up HSA contributions in order to get even more funds into their HSA for either future anticipated medical expenses or even the purchase of a qualified California long term care insurance plan.

There’s no reason to associate innovation solely with the young. Contact us and find out how the HSA-compatible health plan can bring innovation to affordable health coverage strategies for older California residents as well!