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April 17, 2010
Health Savings Accounts: Tax Deductions + Tax-free Interest
One way to save money on health insurance premiums is often overlooked. A survey by Guardian Life Insurance found that six years after Health Savings Accounts were introduced, only 59 percent of people surveyed had heard of them. Fifty-two percent were not even aware that contributions to a Health Savings Account or a HSA were tax deductible, and could reduce the amount of annual income subject to taxation.
Likewise, fifty-five percent of those surveyed did not know that withdrawals from Health Savings Accounts to pay for qualified medical expenses were not taxed. Even fewer people (40 percent) realized that, unlike flexible spending accounts, they could always keep a HSA even if they lost their job, changed jobs, or retired.
You can learn more about how Health Savings Accounts earn interest tax-free while still offering tax-deductions at HSA for America You’ll see how much you can invest in Health Savings Accounts, and what expenses can work as tax deductions for you. You’ll find a long-term savings chart there, along with an example of the total net savings for a family of four thanks to their HSA plan.
You can also ask questions at no cost and without any pressure just by calling us at 866-749-2039. Our experts have worked with HSA plans for years, and can help you select the Health Savings Account option that’s right for you.
Posted by Wiley Long at April 17, 2010 08:47 PM