subject: Health Savings Accounts (HSA) – Information and Benefits [print this page] Health Savings Accounts (HSA) Information and Benefits
Health Savings Accounts (HSA) is basically a savings account, the citizens of the United States is available to cover medical expenses. This alternative is the health insurance on the account are not subject to income tax at the time of submission is the interest income. Here are some facts and information on HSA.
Persons under 65 years may be entered in a high-deductible health plan (HDHP) one HSA open. They may not be covered by anotherPolitical, not a qualified medical care under the plan of the term high-deductible, but other disability, dental, vision, and is prohibited.
A high deductible health plan, which in fiscal year 2008 meets the following criteria:
1. Minimum deductible for a single person $ 1100
2. Minimum deductible for a family of $ 2200
3. High cost of their own pockets for one person $ 5600
4. High cost pocket for a family was $ 11,200
If the above conditions can be satisfiedOpen a health savings account at any time. The maximum amount you are paying for the fiscal year 2007 to $ 2850 a person and 5650 for a family. All funds are deposited by the insured. Deposits can also be made by a company (could match), deductions from wages or from a single individual. Be presented for taxpayers over 55 years, an additional $ 800.
These funds may not pay medical expenses after the HDHP be withdrawnDeductible is met. Is not reversed, unlike a flexible spending account or similar means, or used during the year, was postponed until next year. If you are young and relatively healthy in recent years, we can achieve a significant amount of money in a savings in health care. How much depends on whether your employer makes contributions, age, and of course, your health . One of the advantages of an HSA plan is a good portability ', while his current job, keep your planand even health savings account. Basically, tax free, you can create a pension fund for medical expenses.
Withdrawals are eligible coinsurance and deductions and other expenses not covered by health insurance standards, such as cost dental, medical and chiropractic. You can also withdraw money from an HSA plan, but do not use for medical expenses. If you are under the age of fifty years ago, a penalty of ten per cent ofand tax revenues, at sixty-five and above what they would pay taxes on ordinary income.
When you open an account yourself, you can find a list of providers that offer savings accounts, health plans online. Politically possible in most states quickly and easily to the line of many reputable sites. Otherwise, you could do a local agent who knows what in your area.
Whatever you sure you do your homework and know whatThey do. Run a list of expenses incurred by the contributions to the account. E 'essential that we keep the IRS. Also consider contacting a financial expert or an insurance agent if you have multiple HSA Health savings account to obtain information that is not harmful and can contribute.
