Is this tool available in all states? And are HSAs in each state the same?

The Health Savings Account (HSA) was passed in the U.S. Congress in December 2003. It was signed by President George W. Bush. That means it is a federal law. The HSA is available in every state in the Union.

However, the availability of the HSA may vary. Since this product is relatively new, not all insurance agents and financial advisors have caught on to it. Many do not know it exists yet, and not all of them offer it to their clients.

But as acceptance of HSAs grows, more and more insurance agents, advisors and even banks are beginning to offer them.

The simplest place to find an HSA is with an insurance agent. I say it is the simplest because it is easiest to purchase your HSA and your high-deductible health insurance policy in one place. If you do not purchase them in one place, you have to provide written proof to the HSA agent that you do, indeed, have a high-deductible policy. If you can?t prove that you are insured, and that the deductible is over $1,000 for an individual and $2,000 for a family, they cannot give you an HSA.

Insurance agents are also the most likely to have an in-depth knowledge of HSAs. I haven?t tried to get an HSA at a bank, but I think it?s likely that the expertise of personal bankers will not be as great as that of the average insurance agent. That?s just my opinion.

Health Savings Accounts are growing in popularity every day. They provide an excellent way to save thousands of dollars on insurance, and they are the true solution for the self-employed and the small business owner. And HSAs are available today!