subject: Blue Cross Blue Shield of Florida Blue Options - Savings With Blue Options [print this page] Blue Cross Blue Shield of Florida Blue Options - Savings With Blue Options
For many people the high cost of insurance premiums, have caused them to increase their deductible amount substantially. This results in their having to pay more and more out of their pocket before they are able to use their insurance. While it may not be a bad idea, what if there was a way to make it a little better? Well, with the Blue Cross Blue Shield of Florida Blue Options plan, you can.
The Blue Cross Blue Shield of Florida Blue Options plan is a great way to help reduce costs while saving a bit of money on your taxes. The way this plan works is one sets up a health savings account. After putting your tax-deductible money in the account, your taxable income is reduced. Then you earn tax-free interest on the money in the account. When you need to do so, you withdraw money to cover your health care expenses. As long as these expenses are for qualified health care, then you are not taxed. You can use the money in your account until you reach your deductible amount. You never lose the money in your account. It is always yours to do with as you please. This can be a wonderful way to save a little on your taxes while helping you meet your high deductible amounts.
This type of plan the Blue Cross Blue Shield of Florida Blue Option plan, only works with an approved health savings account plan. Having the proper plan will save you from tax penalties. To maximize the savings, contributions to your HSA account are tax deductible. There are maximums on the amounts you can deposit. In 2010 the amount is $3,050.00 for an individual, $6,150.00 for a family. Persons who are 55 or older can make catch up contributions of an additional $1,000.00.
For those who are looking for alternative ways to decrease the cost of their insurance premiums, yet still keep the costs covered using a Blue Cross and Blue Shield of Florida Blue Option plan may just be an ideal solution. It will help you now as you are able to save the money back that is needed to meet your high deductible amounts and later on with your taxes it will help you by decreasing your taxable income a bit. Sounds like a way to save all around.
