A Word from the Life/Health Director
For over 30 years, LIA Administrators & Insurance Services has been the leading provider of professional liability
insurance to real estate appraisers. This year we began offering life and health plans for the first time. In this
section of our website, we will periodically update you on those plans as well as related topics such as health care
reform legislation. We begin by discussing Health Savings Accounts and how self employed professionals such as
appraisers can utilize them to secure health insurance on a cost effective, tax-advantaged basis.
A Health Savings Account is a tax-advantaged account available to U.S. taxpayers to pay health care costs as well
as out-of-pocket health insurance expenses such as deductibles and coinsurance. In order to realize the tax
advantages, the HSA must be paired with a high deductible health plan (HDHP) which meets criteria established by
the Internal Revenue Service. In this brief summary of HSAs and HDHPs, we will describe how they can be utilized
to lower the overall cost of health insurance coverage while still providing a means of paying ongoing medical
expenses and protecting against a catastrophic illness or accident.
In a previous "Word from the Life and Health Director", I discussed the basic concepts of Health Savings
Accounts (HSA's) and High Deductible Health Plans (HDHP's). I described their government mandated
coverage requirements and contribution limits. I also talked about their tax savings, potential health
insurance premium reductions and other possible cost savings for appraisers and other self-employed
professionals. Let’s see how this works.