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March 29, 2010
Health Savings Accounts and Tax-subsidized Medical Expenses
Even though you receive a tax deduction when you contribute to a Health Savings Account (HSA), that money is still yours to spend tax free for qualified medical expenses. Because an HSA is paired with a High-Deductible Health Insurance plan, qualified medical expenses include any costs you incur from seeing a doctor, prescription drugs, or other expenses toward your deductible.
You can use your Health Savings Account to cover expenses that would not typically be covered by a health insurance policy. Such HSA expenses include alternative treatments, dental expenses, lodging and transportation related to health care, long-term care premiums, maternity expenses, mental and physical therapy, non-prescription medications like aspirin or cough syrup, preventive health programs, and special fees related to guide dogs, wheelchairs, etc.
Alternative treatments can include acupuncture, aromatherapy, Ayurvedic medicine, homeopathy, nutritional consultation, and traditional Chinese medicine. Mental therapy includes the cost of psychiatrists, psychoanalysts, psychologists, and psychotherapists. Physical therapy may include chiropractor services, hydrotherapy, and medical massage. Plus, an HSA can be used to pay these expenses for any spouse or dependent member of your family, even if they are not covered by your health insurance policy.
If you’d like to take advantage of these HSA benefits and learn about their other benefits, you can find out more on our website at www.Health--Savings--Accounts.com, or call us at 866-749-2039. Our expert advisors will answer your questions at no charge.
Posted by Wiley Long at 11:45 PM | Comments (0)
March 26, 2010
Health Savings Accounts Can Lower Your Taxes
Health Savings Accounts can help you pay less income tax by reducing your annual adjusted gross income. According to the federal government and all but four states (Alabama, California, New Jersey and Wisconsin), contributions to a Health Savings Account (HSA) are not counted as income to the recipient.
You can invest the money you save in taxes in your HSA. Your HSA balance will grow quickly, too, because it earns tax-free interest like an IRA. Your employer can also contribute to your HSA.
Health Savings Accounts are paired with high-deductible health insurance plans, which have lower monthly premiums than typical health insurance plans. Lower health insurance premiums can also help you save money each month – money you can invest in your HSA to grow your account balance.
Your HSA will be available to you for life, and it’s completely independent from where you work. If you don’t need the funds from your HSA now, you can let it grow until you need it to cover retirement costs, such as Medicare deductibles and long-term care costs. When you’re over the age of 65, there’s no penalty to withdraw money from your HSA.
At HSA for America, it’s EASY to compare HSA insurance plans, and apply online. Have questions? Call us at 866-749-2039, and one of our HSA advisors can answer your questions and help you select the HSA option that’s best for you. Start today to receive benefits from your Health Savings Account for years to come!
Posted by Wiley Long at 11:35 PM | Comments (0)
March 23, 2010
Health Savings Accounts Can Help You Save for Retirement
Health Savings Accounts have more benefits than flexible spending accounts, and can help you save for retirement. A Health Savings Account (HSA) earns tax-free interest like an individual retirement account (IRA). That helps your balance grow faster than funds in a flexible spending account, which does not earn tax-free interest.
Withdrawals from a HSA to pay for qualified medical expenses are tax-free, and most contributions to a HSA are tax-deductible. According to the federal government and all but four states (Alabama, California, New Jersey and Wisconsin), contributions to a HSA are not counted as income to the recipient. Employers can also contribute to employees’ accounts.
To set up a Health Savings Account, you need to buy a high deductible health insurance policy. In exchange for a high deductible, your monthly premiums cost less than premiums of other insurance plans. That’s because insurance companies do not have to pay for numerous small charges they would cover in other policies.
If you’d like to take advantage of these HSA benefits, and learn about their other benefits, you can learn more at www.Health--Savings--Accounts.com, or call us at 866-749-2039. Our expert advisors will answer your questions at no charge.
Posted by Wiley Long at 10:14 PM | Comments (0)
March 18, 2010
Health Savings Accounts Help Beat Rising Health Insurance Costs
With the cost of health insurance rising much faster than income, many people are not receiving adequate medical care. The number of people who do not have health insurance grows as layoffs continue. A Health Savings Account (or HSA) offers many advantages, such as lower monthly premiums.
If you are in reasonably good health, you can select High Deductible Health Insurance that can be combined with an HSA. Your monthly premiums will be less, and any money you contribute to your HSA will earn interest tax-free so your balance will grow faster than if taxed. Your Health Savings Account contributions are tax-deductible, and withdrawals from your HSA to pay for qualified medical expenses are tax-free.
You have control of your Health Savings Account, but your employer may also contribute to it. As the account owner, you decide how to spend your money, and the types of investments you want to make your money grow. You take your HSA with you if you change jobs, are unemployed, or retire. Any unused balance rolls over year after year to continue earning tax-free interest.
If this sounds like just what you need, you’re not alone. The second largest bank in the U.S. added 115,000 new Health Savings Accounts last year, and those HSA owners deposited $220 million into those Health Savings Accounts. That brought the total number of Health Savings Accounts at a single bank to 500,000 accounts holding a combined balance of $740 million.
It’s easy to learn more about Health Savings Accounts and apply online at http://www.health--savings--accounts.com. But experts with years of experience with HSA accounts will answer your questions at no cost when you call us at 866-749-2039. As with any retirement account, the sooner you act, the sooner you start to save.
Posted by Wiley Long at 12:37 PM | Comments (0)
March 15, 2010
Health Savings Accounts Help Small Businesses
According to The Wall Street Journal, large enterprises spend about $6,000 for each employee every year for health coverage, and almost half of U.S. small businesses offer no health insurance benefits at all.
With ever escalating costs for health insurance, Congress has provided a new viable option for small businesses to help their employees in the form of Health Savings Accounts. How it that different from a typical group health insurance plan?
A Health Savings Account, often referred to as HSA, combines high-deductible health insurance plans with a savings account that's free of taxes for medical coverage purposes. A HSA plan can lower expenses for both small business owners, and their employees when it comes to health insurance. Most small business owners find that a HSA is a better alternative than the typical group coverage plan.
That’s because the high-deductible health insurance plans used with Health Savings Accounts have lower monthly premiums, contributions to a HSA are tax-free (contributions are not included in gross income), and withdrawals from a HSA to pay for qualified medical expenses are also tax-free.
It’s easy to compare HSA plans and apply online on our website. However, we also understand how Health Savings Accounts work, how much you can deposit, and how you can take advantage of tax savings. We’ll explain your options, and help you find the best plan to meet your needs when you call us at 866-749-2039.
Posted by Wiley Long at 12:36 PM | Comments (0)
March 12, 2010
Health Savings Accounts Help You Save Money
In this economy, saving money takes creative new strategies. If you’re reasonably healthy, a Health Savings Account (or HSA), can help you save in multiple ways.
First, you typically pay less in monthly premiums for High Deductible Health Insurance that is qualified to be combined with a Health Savings Account. Second, your contributions to your HSA plan (up to $6,150 for families in 2010) are tax deductible, and you pay no tax on withdrawals for qualified medical expenses.
Paying for qualified medical expenses from your HSA is easy, too. You HSA Administrator will provide you with a checkbook or debit card that is linked to your account. You can also pay for healthcare out of your pocket, and pay yourself back from your HSA. Just keep receipts to prove that the expenditures are legal. If you don’t need funds in your HSA to pay for medical expenses, the money will be there for you when you retire much like an IRA.
You can find out more about Health Savings Accounts and apply online at http://www.health--savings--accounts.com.
Have any HSA related questions? Experts who have worked with Health Savings Accounts for years will answer your questions at no cost at 866-749-2039. You can join the hundreds of thousands of people who put their trust in Health Savings Accounts last year alone instead of waiting for government action.
Posted by Wiley Long at 12:35 PM | Comments (0)
March 09, 2010
A Health Savings Account Has Benefits Like an IRA
Health Savings Accounts offer a better way to manage health care costs with tax advantages that help you save. If you want coverage in case of a catastrophic major accident or illness that will leave you with overwhelming medical bills, a Health Savings Account is made for you.
A Health Savings Account is often abbreviated as "HSA", but it's typically called a health IRA in the financial industry. That's because a HSA works much like an IRA (Individual Retirement Account). When you set up a free HSA, you buy a High Deductible Health Insurance policy. If the deductible is $1,200, you pay the first $1,200 in medical costs before your insurance begins to cover charges.
In exchange for a high deductible, your monthly premiums cost less than premiums of other insurance plans. That’s because the insurance company does not have to pay for the small, frequent charges they cover in other policies.
In addition to lower monthly premiums, you’ll also get tax breaks. You can contribute a certain amount of money each year to your Health Savings Account just in case you have health-related expenses not covered by your insurance. If you need to pay for medical charges before your deductible is met, you’re covered with your HSA. If you don’t have expenses, you keep the money instead of paying it to an insurance company through higher monthly premiums.
In 2010, individuals can contribute $3,050, and families can contribute $6,150 to an HSA. Contributions can be made with pre-tax dollars through your employer, or you can take a tax deduction if you do pay for medical expenses with post-tax dollars. Anything you have left over at yearend rolls over to the next year. Year after year, your HSA balance keeps earning tax-free interest just like an IRA. When you retire, your HSA balance can be withdrawn like an IRA. You win whether you do or don’t have medical expenses.
That’s why the second largest bank in the U.S. added 115,000 new Health Savings Accounts last year, and those HSA owners deposited $220 million into their accounts with that one bank. That brought the total number of Health Savings Accounts at a single bank to 500,000 accounts holding a combined balance of $740 million. It’s easy to learn more about Health Savings Accounts and apply online at www.health--savings--accounts.com, but experts with years of experience with these HSA accounts will answer your questions at no cost when you call us at 866-749-2039. As with any retirement account, the sooner you act, the more you’ll save.
Posted by Wiley Long at 10:44 AM | Comments (0)
March 04, 2010
Health Savings Accounts Help If You Lose a Job or Retire
A Health Savings Account (HSA) can do more for you than help pay for health-care expenses with tax-free dollars. It also helps to bridge gaps in health insurance coverage if you lose your job, or when you retire.
If you're under 65, you can open a free Health Savings Account when you buy a qualified high-deductible health insurance plan. You can keep your HSA even when you're covered with other insurance policies if you don't have medical expenses paid by both insurance and your HSA, called "double dipping."
Employers may offer flexible spending accounts for medical expenses that allow employees to set aside pre-tax dollars for medical expenses not covered by the company's health insurance, including premiums and deductibles. While you own and control your Health Savings Account, a Flexible Spending Account is controlled by your employer. That means you lose all the money in your Flexible Spending Account if you leave that employer.
A Health Savings Account is yours to keep if you lose your job, change jobs, or retire. Your HSA will still be there for you to pay medical expenses whether you have a job or are unemployed. Your HSA can act like a "safety net" while you’re looking for work, or during those common 90-day trials on new jobs before benefits begin. All the while, your HSA balance grows with tax-free interest just like an Individual Retirement Account (IRA). Remember that Flexible Spending Accounts do not earn interest. Find out how a Health Savings Account can save you money at www.health--savings--accounts.com, or call our experts at 866-749-2039. They’ll answer your questions at no charge.
Posted by Wiley Long at 11:19 AM | Comments (0)
March 01, 2010
Health Savings Accounts Are in Greater Demand Than Ever Before
Chase (the nation’s second largest bank) reported significant growth in Health Savings Accounts. Chase added 115,000 Health Savings Accounts, and $220 million in related deposits last year. That amounted to 500,000 Health Savings Account (HSA) owners with combined account balances of $740 million. So many people are saving with a HSA because they understand this offers a better way to pay for current health expenses, and save for future qualified medical costs. HSA contributions are tax-deductible, and earn tax-free interest. You can also make tax-free withdrawals from a HSA to pay for qualified medical expenses. A HSA also helps you save through the associated lower premiums of High Deductible Health Insurance.
The benefits of Health Savings Accounts can be realized when you pay for health expenses, and while you save for future medical charges. Contributions to your Health Savings Account are tax-deductible, and earn tax-free interest. Withdrawals from your HSA to pay for qualified medical expenses are also tax-free.
With a Health Savings Account (HSA), you choose the types of investments you want to make your money grow. All unused funds left in your account at yearend will be carried over to the coming year - with no limit. An employer may contribute to your account, but you take your HSA with you if you change jobs, are unemployed, retire, or decide to change plans. That’s an important advantage with today’s high unemployment. Certain banks, including Chase, allow you to transfer funds from your checking or savings into your HSA through a secure website, and pay medical expenses online from your HSA.
To take advantage of these HSA plans, you need High Deductible Health Insurance that works with a HSA. These high-deductible plans typically have deductibles between $1,200 and $5,950 for individuals, or $2,400 and $11,900 for families. Best of all, they also usually have lower monthly premiums. It’s easy to compare HSA plans and apply online at our website, but experts who have worked with these plans for years are available, too. When you call us at 866-749-2039, one of our HSA advisors can answer your questions, and help you select the best HSA options for your situation.
Posted by Wiley Long at 09:38 AM | Comments (0)