HSA for July 23, 2014

HSA Information

HSA Details

How Health Savings Accounts Work

Small business owners, self-employed individuals and those without access to a workplace health plan have long been caught on the horns of a dilemma: For quality health insurance to be affordable, you need to set a fairly high deductible. On the other hand, the IRS taxes money you save, making it more difficult to set aside enough money to handle medical expenses you have to pay for out of your own pocket. Congress took note, and some years ago introduced a measure designed to give tax relief … [Read More...]

hsainfo

Understanding Your Health Savings Account Plan

1. Choose a low-cost but high deductible plan. Enroll for a high deductible HSA or health saving account insurance plan that works in combination with health saving accounts. Due to higher deductible, your premiums per month will become lower. 2. Enroll and open a HSA savings account. As soon as your HSA plan is establish, you can now open your real savings account in any qualified financial institutions. HSA and IRA are the same. In HSA, deposits are tax-deductibles and the withdrawals … [Read More...]

5 Things About HSA

Five Important Things to Know About HSAs

Today many companies are providing HSAs or health savings accounts which you can use in reserve for paying your medical bills. But before you sign up for a HSA, remember these 5 tips. 1. In today's world, your employer will often have these plans available. When you receive an open-enrollment package, you will see new and unique benefits in the menu. Many companies are progressively proposing health insurance packages that include high-deductible policies and a tax-advantaged health savings … [Read More...]

HSA Rules

Health Savings Account Rules 2011

The Contribution levels for Health Savings Accounts (HSA) have changed from 2010. Below is a list of the Index Amounts Contribution Levels for your HSA Plan. Individuals with Self Only Coverage: In 2011 the limit on your annual deduction under section 223(b)(2)(A) with a high deductible health plan is $3,050 Individuals with Family Coverage: In 2011 the limit on your annual deduction under section 223(b)(2)(A) with a high deductible health plan is $6,150 What defines a High deductible … [Read More...]

HSA Rules

Health Savings Account Rules Basics

What You Need to Know About Health Savings Accounts It's important to know that an individual can set up a Health Savings Account or an employer can add a Health Savings Account option to the so-called cafeteria benefit plan it may already offer. The Health Savings Account is set up like an IRA and differs from a traditional savings account. A trustee approved by the IRS must be used. Money put in the plan grows tax free and funds withdrawn for qualified medical expenses are also tax free. … [Read More...]