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Health
Savings Accounts (HSA)
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"What's
not to like about a Health Savings Account (HSA)? Contributions
are deductible, the account accumulates tax-free, and
withdrawals used for medical expenses are tax-free.
The President's practically giving away money with Health
Savings Accounts."
-
Tracy Byrnes
HSA Articles
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Maximize
Your HSA
We Make It Easy! |
Learn
how to take advantage of the money-saving benefits
of a Health Savings Account. HSA
for America is
the nations number one source for individual
and family HSA-qualified health insurance plans.
Health Savings Accounts can enable you to:
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- Lower
your health insurance premium
by 30 - 50%
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Our
typical client saves $80 - $250
per month when they switch from a traditional
health insurance plan to a Health Savings Account
plan. |
- Reduce
your income taxes up to $1,600 - $1,800 each year
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All
Health Savings Account deposits are 100% tax
deductible, and can be withdrawn to pay for
medical expenses, tax-free up to $5,800 or more. |
- Build
a medical retirement account of several hundred
thousand dollars
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The
funds in your HSA are always yours, and grow
tax-deferred like an IRA. At age 65
the money can be withdrawn penalty free for
any reason.
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Free
HSA Teleseminar Thursday May 15th
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1001-A E. Harmony Rd. #519
Fort Collins, CO 80525
Contact
Us
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Health
Savings Accounts are simple and easy to understand
Health
Savings Account is a tax-favored savings account combined
with a qualifying high-deductible health insurance plan.
By allowing you to deposit tax-deductible funds into a health
savings account that you can use to cover medical costs,
Health Savings Accounts enable you to take control of your
own health care decisions. One of the key aspects
to health savings accounts is a system that is responsive
primarily to individual consumers, rather than to third-party
payers. This concept is known as consumer driven health
care.
First,
you must have a high-deductible health insurance plan that
qualifies to be partnered with a Health Savings Account.
These plans are available through various insurance companies,
depending upon what part of the country you live.
The plans are all similar in the fact that they have deductibles
between $1,100 and $5,600 for singles, and
between $2,200 and $11,200 for families.
Once
your insurance policy has become effective, you may begin
to fund your Health Savings Account.
Health
Savings Accounts allow you to legally avoid federal income
tax by depositing up to $2,900 for singles or $5,800
for families, into your Health Savings Account. Whatever
you deposit into your account up to April 15, 2009 is an
"above the line" tax deduction for your 2008 taxes,
meaning you get a federal income tax deduction for money
you put in even if you take the standard deduction and dont
itemize deductions. If your employer makes a
Health Savings Account contribution for you, it is excluded
from income, and not subject to any income tax or FICA.
Either way, this will immediately reduce your federal
income tax due for the year. Most states also allow
you to take a state income tax deduction for HSA contributions.
To see if your state offers tax deductions, please see our
HSA
State Income Tax page.
On
this site you will find thorough information
on Health Savings Accounts, HSA
trustees and administrators, and instant
quotes on available HSA-qualified high
deductible health insurance plans.
Please
note: To obtain the maximum tax benefit from your Health
Savings Account in 2009 as well as lock in 2008 rates,
you must have your HSA-qualified
insurance plan effective no later than December
31.

Health
Savings Accounts in the News
HSA for America Opposes Health Savings Account SubstantiationHSA for America strongly opposes any proposal that would require substantiation of Health Savings Account withdrawal transactions or any radical change to the current administration of Health Savings Accounts.
Health Savings Accounts are a dynamic, consumer-friendly and increasingly popular health insurance product enjoyed by millions of Americans. Current law already requires individuals with an HSA to keep and supply receipts to the Internal Revenue Service when requested. It is the individual's responsibility to keep good tax records--through self reporting--just as they do with charitable contributions and other tax deductions. A Health Savings Account Can Meet Your Family's Health NeedsMaking sure that your family is able to stay healthy partly depends on having a good health insurance program for them. One of the more recent new additions to the health insurance industry is called the Health Savings Account (HSA). This new program enables you to have reduced insurance rates because of a higher deductible, and a tax deferred savings program with it. Here are some of the features of this program:Employer Interest in Health Savings Accounts Is Growing in ColoradoFifteen percent of Colorado employers offered Health Savings Accounts (HSAs) in 2007, and 23 percent considered offering one, according to a survey conducted by the Mountain States Employers Council (MSEC).
"It's a good thing!" said Linda Gorman, director of health care policy at the Colorado-based Independence Institute. "The more choice you give people, the better off they are. You have more choice with the HSA because you can spend it on anything the IRS deems a legitimate health expense."Aetna To Offer Health Savings Account Plans To Conn. BusinessesAetna will begin offering individual health insurance policies to about 40,000 businesses and through 79 Chambers of Commerce in Connecticut, under an agreement with the Chamber Insurance Trust.
The arrangement is aimed at sole proprietors of businesses and workers who don't have insurance through an employer, and could help reduce the number of uninsured residents in the state, said Stephen Glick, administrator of the trust.Managing Costs With Your Health Savings AccountAs health care consumers and employers look to Health Savings Accounts and high deductible plans to reduce their health insurance premiums, the insured are at higher risk for their medical expenses. In exchange for lower premiums, health care consumers spend hundreds or even thousands of dollars on deductibles before their insurance companies pay a nickel. The new trend has health care consumers scrambling.
Denver medical providers offer advice:
Blue
Cross Blue Shield Banks on Health Savings Account
Plans
Blue Cross Blue Shield members now have their own bank, but it won't help them if they're looking for an auto loan or a good rate on a CD. Blue Healthcare Bank's sole purpose is handling health care-related banking services, such as Health Savings Accounts. The bank is being set up by the Blue Cross and Blue Shield Association members, including Blue Cross of Idaho, one of the first four members to work with the bank.
Teleseminar Grants All Access Pass to the World of Health Savings Accounts (PRWeb via Yahoo! News) HSA popularity has soared among the growing number of individuals who now find themselves paying for their own health insurance. HSA for America, the nation's leading online provider of health insurance plans that work with health savings accounts, is now holding weekly teleseminars to help consumers understand how HSA plans work and how people can use them to lower their health insurance costs.Teleseminar Grants All Access Pass to the World of Health Savings Accounts (PRWeb) HSA popularity has soared among the growing number of individuals who now find themselves paying for their own health insurance. HSA for America, the nation's leading online provider of health insurance plans that work with health savings accounts, is now holding weekly teleseminars to help consumers understand how HSA plans work and how people can use them to lower their health insurance ...Use of health savings accounts up 35 percent; critics see them as tax shelter (BizJournals)The number of Americans with insurance plans tied to health savings accounts has passed the 6 million mark, according to America's Health Insurance Plans.Health savings accounts may be a good option for producers (Tri-State Neighbor)Producers looking for health insurance may have a new option with a health savings account (HSA). Ellen Laden, director of public relations for Golden Rule Insurance Co., says HSAs make good options a lot of the time for farmers, ranchers and small businesspeople who have to buy their own insurance.HSA enrollment continues to exhibit healthy growth (BizJournals)U.S. enrollment in health savings account plans has increased 35 percent to 6.1 million since last year, according to a new study by America's Health Insurance Plans.
Blue
Cross Blue Shield Approved to Start Health Savings
Account Bank
Blue
Cross Blue Shield has received federal approval
to establish a savings bank that will be allowed
to administer Health Savings Accounts. Blue
Cross Blue Shield said it had received assent
from the Office of Thrift Supervision, a Treasury
Department agency, to establish a federally insured
savings bank to be based in Utah. It will
be called Blue Healthcare Bank. Health Savings
Accounts can be set up by consumers who have high-deductible
insurance plans, and Blue Cross Blue Shield offers
some of the most competitive HSA plans on the
market.
Humana
to Cap Health Savings Account Premiums for More
Than One Year
After
years of double-digit premium increases for employers
providing health plans to workers, Humana and
other insurers are trying a different approach:
new health savings account plans that cap premium
hikes at guaranteed low rates if buyers agree
to a multiyear contract and workers absorb increases
in deductibles. Even doctors known to be
skeptical of almost anything the health insurance
industry suggests say they are intrigued with
the health savings account idea - hoping it might
be one remedy for unpredictable, rising health
care costs.
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