Question 1

What is a health savings account (HSA)?

Accepted Answer

A health savings account (HSA) is a type of savings account that allows individuals with high-deductible health plans to save and pay for qualified medical expenses. HSAs can help individuals and families save money and pay for medical costs with tax-advantaged funds.

Question 2

How does a health savings account (HSA) work?

Accepted Answer

A health savings account (HSA) allows individuals to contribute pre-tax dollars to the account, which can then be used to pay for qualified medical expenses. The account is owned by the individual, and the funds can be used to pay for things like deductibles, copayments, and other out-of-pocket medical costs. Unused funds in the account can be rolled over from year to year.

Question 3

What is the difference between a flexible spending account (FSA) and a health savings account (HSA)?

Accepted Answer

The main difference between a flexible spending account (FSA) and a health savings account (HSA) is that an FSA is owned by the employer, while an HSA is owned by the individual. Additionally, FSA funds generally must be used within the same year, while HSA funds can be rolled over from year to year.

Question 4

What is partially self-funded group health insurance?

Accepted Answer

Partially self-funded group health insurance is a type of health insurance plan where the employer assumes some of the risk for the plan, rather than relying solely on a traditional insurance carrier. This can help to lower costs for the employer and provide more customized coverage for employees.

Question 5

What types of individual and family coverage are offered?

Accepted Answer

The company offers a variety of individual and family coverage options, including dental insurance, disability insurance, life insurance, and long-term care insurance. These policies can be tailored to meet the specific needs of individuals and families.

Advanced Concepts in Insurance, LLC

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Frequently Asked Questions about Advanced Concepts in Insurance, LLC

What is a health savings account (HSA)?

How does a health savings account (HSA) work?

What is the difference between a flexible spending account (FSA) and a health savings account (HSA)?

What is partially self-funded group health insurance?

What types of individual and family coverage are offered?

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