Finally, Good News for STM Plans – AHS has now rolled out four new STM plans that are HSA (Health Savings Accounts) compatible.
What are Health Savings Accounts:
A Health Savings Account (HSA) is a tax-advantaged account created for or by individuals covered under high-deductible health plans (HDHPs) (which now includes certain HSA accounts) to save for qualified medical expenses. Contributions are made into the account by the individual or their employer and are limited to a maximum amount each year. The contributions are invested over time and can be used to pay for qualified medical expenses, such as medical, dental, and vision care and prescription drugs. (Compass RX and Pram Plans)
Why are these new plans such Good News for your STM customers and prospects?
- Tax Savings – Most of our STM customers are Small Business owners who are always in need of tax breaks. An HSA account in 2024 will allow contributions for individuals up to $3850 and families up to $7750. This could be a huge difference for many of these customers.
- Coverage for Pre-deductible Medical Expenses – Many times a sticking point during a presentation was the lack of copays for standard everyday medical care. Now clients have an easy way to pay for everyday medical care such as doctor visits, diagnostics tests, and even prescriptions.
- Retirement Savings – Any funds your client did not use each year rollover. These funds can be saved, invested, and then withdrawn and used for anything after age 65.
If that is enough to get you excited, preventative care now for both adults and children is covered by first-dollar benefit in the HSA Compatible STM Plans. These new plans are amazing additions to the AHS product portfolio. Take time to review the plan details and educate yourself on all the benefits of HAS accounts. This knowledge will lead to many more Sales.
Allstate Health Solutions HSA STM Plans: