September 01, 2010
Health Savings Account Deposits Top $1 Billion for Single Bank
United Health Group Inc., now one of the Twin Cities’ largest banks, has seen its OptumHealth Bank top the $1-billion mark for deposits on its books, and it's all due to Health Savings Accounts. By the end of June, its Health Savings Account deposits were at $1.025 billion. Chartered in Salt Lake City and part of Minnetonka-based UnitedHealth, UnitedHealth has helped thousands of employers to set up Health Savings Accounts for their employees.
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Posted by Wiley Long at 12:31 PM | Comments (0)
August 26, 2010
Can A Health Savings Account Help You Bridge Employment Gaps?
Health Savings Accounts may have been stifled by complex regulations, but these accounts can do much more than just turn your healthcare bills into tax deductions. With unemployment a constant threat, health savings accounts help people maintain coverage between jobs, and even into retirement.
Anyone under 65 can start a Health Savings Account once they buy a qualified high-deductible health insurance plan. That's an insurance plan with a deductible of at least $1,050 for individuals or $2,100 for families. These plans mush also have a limit of $5,250 for an individual and $10,500 for a family on their out-of-pocket costs.
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Posted by Wiley Long at 10:03 AM | Comments (0)
August 23, 2010
Health Savings Accounts: Why Have Ten Million People Enrolled?
As of January 2010, ten million Americans already have a Health Savings Account (HSA) and this form of tax-advantaged saving to pay medical expenses has only been available since 2004. Why are these plans growing so fast?
The number of people enrolling in a Health Savings Account increased by 25 percent since 2009. The fastest growing market for HSA plans was for large-group coverage, followed by small-group coverage. Thirty percent of those with an HSA were in the small group market, and 50 percent were in the large-group market.
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Posted by Wiley Long at 10:03 AM | Comments (0)
August 19, 2010
Health Savings Accounts: Can You Cut Your Healthcare Expenses With One?
Millions of Health Savings Account owners are trying to do just that. They have already deposited billions of dollars with the intent of covering their future medical expenses with tax-deductible dollars.
Why are Health Savings Accounts so attractive? You can invest tax-free money in a Health Savings Account and still control the type of investment. You can choose anything from savings accounts to a full brokerage house.
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Posted by Wiley Long at 01:17 AM | Comments (0)
August 14, 2010
Health Savings Accounts: Why Are Customers Investing Record Amounts In Them?
J.P. Morgan Treasury Services manage more than 530,000 health savings accounts for people who have deposited a combined total of approximately $800 million nationwide. Health savings accounts are growing so fast because they allow individuals to save tax-free to pay their future medical bills.
At the end of 2009, 45 percent of J.P. Morgan's health savings account (HSA) customers held more than $1,000 in their accounts. That represented a 10 percent increase from the previous year.
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Posted by Wiley Long at 10:28 AM | Comments (0)
August 11, 2010
Health Savings Accounts See Increase in Popularity with New Healthcare Law
After a slow-down, Health Savings Accounts are rebounding in popularity after the passage of the new healthcare laws. "The number of requests for HSA proposals and requests for HSA information are up a lot for January enrollments from Fortune 500 groups," according to the president of HSA Bank, Kirk Hoewisch.
As President Obama was poised to sign healthcare reform into law, employers seemed to cautiously stall major health insurance decisions. Would Health Savings Accounts remain a part of U.S. healthcare?
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Posted by Wiley Long at 09:20 AM | Comments (0)
August 08, 2010
High-deductible Health-insurance Plans Attract Employers
Despite mixed reviews, the high-deductible health plans that typically keep premiums low and their linked health savings accounts are becoming increasingly popular with employers. With only minor changes from new healthcare laws, it's still cheaper for employers to provide HSA Plans to employees than to provide comprehensive health coverage.
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Posted by Wiley Long at 11:25 AM | Comments (0)
August 05, 2010
Health Savings Accounts: Do They Work With Low-cost Plans?
High-deductible health insurance plans, in general, offer lower premiums in exchange for the insured accepting part of risk. They agree to pay for their healthcare costs upto an annual deductible. In effect, they are putting a cap on their out-of-pocket expenses. The high-deductible health insurance plans that are qualified to be combined with Health Savings Accounts also offer lower-cost premiums.
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Posted by Wiley Long at 12:54 AM | Comments (0)
August 02, 2010
Health Savings Accounts Work like Checking Accounts
If you’re worried that any savings account that lets you earn tax-free interest while making healthcare expenses tax-deductible has got to have a lot of complicated rules, here's what you need to know.
Health Savings Accounts are so popular because they are user-friendly and they don't nickel-and-dime you with add-ons. Some accounts include free starter checks, free Internet access for ACH electronic transfers and free debit cards. You don’t even have to maintain a minimum balance.
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Posted by Wiley Long at 10:34 PM | Comments (0)
July 21, 2010
Health Savings Accounts Are Still Popular after Healthcare Reform
All the recent changes in health care haven't reduced the popularity of Health Savings Accounts. In fact, employers are offering Health Savings Accounts more often as a less expensive way to cover employees. According to America’s Health Insurance Plans, more than 10 million individuals enjoy the tax-free interest and tax-deductible healthcare expenses that come with Health Savings Accounts.
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Posted by Wiley Long at 09:53 AM | Comments (0)
July 15, 2010
Health Savings Accounts Offer State Tax Deductions
Health Savings Accounts can give you generous tax deductions on your Federal income tax, but what about your state income tax?
States choose whether they comply with Federal guidelines for Health Savings Accounts, but most states do offer deductions. You can check your state HSA deductions to see whether your state allows deductions for contributions to Health Savings Accounts.
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Posted by Wiley Long at 09:30 PM | Comments (0)
July 13, 2010
Health Savings Accounts Are More Popular Every Year
If you’re looking for a way to lower your monthly health insurance premiums, take a look at what millions of other people have been doing. According to the Employee Benefit Research Institute, the balances in Health Savings Accounts have grown rapidly in the past few years. Consumer-driven health plans, including Health Savings Accounts and health reimbursement arrangements, grew to $7.1 billion last year. That showed an increase of $835.4 million in the last three years.
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Posted by Wiley Long at 09:19 PM | Comments (0)
July 09, 2010
Health Savings Accounts Now Benefit Ten Million Americans
Ten million Americans are enjoying the benefits of Health Savings Accounts, according to a census released this May by America’s Health Insurance Plans. That’s 25 percent more people than last year.
Health Savings Accounts, which can be combined with lower-cost, high-deductible health insurance plans, provide an important coverage option for families, and small businesses.
In the individual market, 2.1 million are enrolled in Health Savings Account (HSA) plans, while nearly 3 million are enrolled in HSA coverage in the small-group market, and almost 5 million have HSA coverage in the large-group market.
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Posted by Wiley Long at 07:15 PM | Comments (0)
June 11, 2010
Health Savings Accounts Still The Best Bet With Health Care Reform
If you’re still debating whether the benefits of a Health Savings Account (HSA) can help you, check out the tax deductions, tax-free earnings, and the lower premiums of insurance plans that are qualified to be combined with a HSA soon.
The new health care reform laws may change the shape of these HSA plans in the future, but if you lock in premium rates and other benefits now, you’ll be able to keep your favorite plan for as long as it is for sale.
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Posted by Wiley Long at 12:47 AM | Comments (0)
June 06, 2010
Health Savings Account Owners Can Cut Their Bills Down To Size
As the owner of a Health Savings Account (HSA), you’re looking for ways to save more of your health care dollars. Here’s an easy, risk-free way to get big savings on your medical bills.
Insurance companies and big corporations have the power to negotiate with doctors and hospitals. In some cases, they pay only a fraction of what the general public is billed for an identical procedure. That’s something the average individual has not had access to until now.
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Posted by Wiley Long at 01:32 AM | Comments (0)
June 01, 2010
Health Savings Accounts Continue to Grow in Popularity
If you’ve decided this is the last year you’re going to let tax-deductions for your healthcare expenses slip away, check out Health Savings Accounts. A Health Savings Account (HSA) offers the tax advantages of tax-free interest, and tax deductions for health-related expenses.
To get started, choose the bank or trustee you want to administer your HSA.
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Posted by Wiley Long at 10:40 PM | Comments (0)
May 20, 2010
Health Savings Accounts Win with Employers
As an employer, you know the value of protecting your employees’ health. When you figure in the cost of hiring and training, even to temporarily keep up the work flow while employees are out with an extended illness, employee health impacts the bottom line.
With the high-cost of health insurance, employers have sought alternatives, such as consumer-driven health plans. A few employers have offered both Health Savings Accounts and Health Reimbursement Arrangements (HRA), but Health Savings Accounts are winning by a landslide in popularity.
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Posted by Wiley Long at 10:28 PM | Comments (0)
May 12, 2010
Health Savings Account Owners Save with Unique Discounts
Health Savings Accounts are known for tax-free interest, and tax deductions for health-related expenses. These accounts are even known to be combined with the lower-cost premiums of high-deductible health insurance plans. The biggest secret about these savings accounts may be the other unique ways you can save money with your own Health Savings Account (HSA).
To get those lower premiums, HSA owners have high deductibles, and pay for their own medical bills until their deductible is met. They can take advantage of no-cost bill negotiation services to lower their medical bills.
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Posted by Wiley Long at 11:48 PM | Comments (0)
May 06, 2010
Health Savings Accounts Help You Get Your Money’s Worth
With the new healthcare reform legislation, not only will more people be protected by medical intervention, but the quality of medical treatment will also improve. The U.S. Health and Human Services Department will have two years to set penalties on hospitals with high readmission rates. That will encourage hospital staff to be sure you’re healthy enough to leave the hospital when you’re released. In other words, you’ll get your money’s worth.
Health Savings Accounts can also help you get your money’s worth by allowing you to earn interest free from taxation. You can deduct more of your health-related expenses from your taxable income, and lower your taxes with a Health Savings Account (HSA).
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Posted by Wiley Long at 01:55 PM | Comments (0)
May 02, 2010
Health Savings Accounts Are More Valuable after Healthcare Reform
With the new healthcare legislation, insurance companies will be extending protection to more people. Insurers will be required to protect children with pre-existing health problems within the first year of the legislation, and must permit parents to keep their children on the parents’ insurance plans until children reach age 26.
With a Health Savings Account (HSA), you can take a tax deduction for withdrawals from your HSA to pay for health-related expenses not just for yourself and your spouse, but also for your children and any family member. That’s true even if that person is not covered by your health insurance. All of these health-related payments can be deducted from your income to reduce your taxes.
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Posted by Wiley Long at 01:47 PM | Comments (0)
April 28, 2010
Health Savings Accounts Offer Discounts on Lab Fees and Much More
You may have heard that a Health Savings Account (HSA) offers tax benefits (including tax-free interest and tax deductions for health-related expenses), but did you know that HSA benefits can help you save on lab fees and prescriptions?
HSA for America can help you save up to 80 percent on lab tests, like blood tests and CAT scans. HSA for America clients and Website visitors have access to discounted pricing when they order tests, and go to the closest participating lab to have the tests run. Results are usually available within 48 hours.
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Posted by Wiley Long at 01:42 AM | Comments (0)
April 25, 2010
Health Savings Accounts Offer Prescription Savings and Much More
If you’ve heard about the growing popularity of Health Savings Accounts, and want to learn more about they can save you money, HSA for America has online answers, and experienced Personal Advisors available at no cost. Just call HSA for America at 866 749-2039 to set up a convenient time to discuss your questions, and we can help you sort through HSA Plans to see which fit your needs best.
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Posted by Wiley Long at 01:28 AM | Comments (0)
April 22, 2010
Health Savings Accounts Are the New IRAs
Health Savings Accounts share certain benefits with IRAs, and offer more health-related savings. Money you contribute to a Health Savings Account (HSA) grows in your account free from federal taxes, and most state taxes. HSA funds also remain free from federal tax when you withdraw them to pay for qualified medical expenses. If you withdraw HSA funds for non-medical expenses, you pay taxes on the amount withdrawn.
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Posted by Wiley Long at 01:13 AM | Comments (0)
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.
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Posted by Wiley Long at 08:47 PM | Comments (0)
April 13, 2010
Health Savings Accounts Equal Tax Deductions
A Health Savings Account (HSA) can equal more tax deductions because you can deduct a broad spectrum of health-related products and services purchased with funds from your HSA. These purchases can be for birth control pills, over-the-counter medicines, and vitamins that a doctor prescribes.
You can also deduct purchases for hearing and vision improvement, such as contact lenses, exams, and replacement insurance. Eye glasses, or laser eye surgery are also qualified. To aide with hearing, a closed-caption television decoder, hearing aides and their batteries, phone modifications, and special education are also qualified expenses.
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Posted by Wiley Long at 08:40 PM | Comments (0)
April 05, 2010
Health Savings Accounts Make More Expenses Tax Deductible
A Health Savings Account (also called a HSA) allows you to take tax deductions for more expenses to reduce your taxable annual income. In addition to your own health-related expenses, you can take tax deductions for what you spend on health-related expenses from your HSA for your spouse and dependent family members.
If you’re under 65, you can open a HSA just like other forms of savings accounts. Unlike most savings accounts, though, Health Savings Accounts earn tax-free interest. If you don’t need to spend what you contribute to your HSA, you can let it grow until you need it for your retirement. And when you’re over the age of 65, there’s no penalty to withdraw money from your HSA.
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Posted by Wiley Long at 01:33 AM | Comments (0)
April 01, 2010
What Are the Tax Advantages of Health Savings Accounts?
A Health Savings Account (HSA) allows you to avoid federal income tax by saving up to $3,050 for singles, or $6,150 for families, in tax-deductible contributions to your HSA. There is no minimum deposit (it can be $0), but any deposit you make into your HSA by April 15th is considered an "above the line" tax deduction for the previous year's income taxes. This means that you get a federal income tax deduction for money you put in even if you take the standard deduction, and don’t itemize.
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Posted by Wiley Long at 01:26 AM | Comments (0)
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.
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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.
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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.
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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.
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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?
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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.
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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.
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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."
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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.
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Posted by Wiley Long at 09:38 AM | Comments (0)
February 24, 2010
Health Savings Accounts Can Lower Insurance Premiums
Health Savings Accounts offer tax deductions for medical expenses, but lower monthly premiums for health insurance may be the greatest advantage Health Savings Accounts offer. Premiums for group health insurance rose 9.6 percent last year, and more than 10 percent for each of the previous six years. Premiums for individual plans went up even more, while insurance premiums associated with Health Savings Accounts only rose a mere 3.4 percent last year. In fact, average premiums for High Deductible Health Insurance associated with a Health Savings Account (HSA) for individuals actually dropped 19.5 percent during the past two years.
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Posted by Wiley Long at 08:36 AM | Comments (0)
February 20, 2010
Is a Flexible Spending Account as Good as a Health Savings Account?
While Flexible Spending Accounts and Health Savings Accounts have some similarities, they also have important differences. Health Savings Accounts offer greater control, and more benefits.
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, but you can keep your investment in your Health Savings Account if you change jobs, become unemployed, or retire.
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Posted by Wiley Long at 12:51 AM | Comments (0)
February 16, 2010
Health Savings Accounts Save Money with Low-cost Health Insurance
Health Savings Accounts work with health insurance plans that have lower monthly premiums. Premiums for group health insurance rose 9.6 percent last year, and premiums for individual plans rose even more. Yet, insurance premiums for health insurance associated with Health Savings Accounts rose a mere 3.4 percent last year. Amazingly, average premiums for High Deductible Health Insurance associated with Health Savings Accounts for individuals actually dropped 19.5 percent during the past two years.
How is that possible?
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Posted by Wiley Long at 09:29 AM | Comments (0)
February 12, 2010
Health Savings Accounts Offer an Effective Solution for Lowering Health Insurance Premiums
Health Savings Accounts are tax deductible savings accounts that allow participants to pay for their qualifying medical expenses tax-free. Moreover, the funds spent on those qualifying medical expenses are actually tax deductible. In addition to providing participants with available funds for their medical expenses, Health Savings Accounts help participants to save for retirement.
While Health Savings Accounts are excellent solutions for growing savings tax-free, they are also associated with high-deductible health insurance plans, which further helps participants to save money each month off of the cost of their monthly health insurance premiums.
Posted by Wiley Long at 06:06 PM | Comments (0)
February 07, 2010
Alabama Legislator Hopes to Offer Pre-tax Health Savings Accounts
An Alabama legislature hopes to create tax-free Health Savings Account options for Alabama residents. According to Federal laws, families and individuals can have Health Savings Accounts that help them reduce their annual health care costs and tax burdens. However, the state of Alabama does not offer its residents tax-free Health Savings Accounts.
Rep. Greg Canfield (R-Vestavia Hills) introduced a new bill to the Alabama House of Representatives on January 12 that would allow individuals and families in Alabama to deposit their pre-tax earnings into a Health Savings Accounts to help cover qualifying medical expenses.
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Posted by Wiley Long at 05:06 PM | Comments (0)
February 04, 2010
An Overview of the Aetna Health Savings Account Plan
If you’ve never heard of a Health Savings Account, then it’s time to take a look at this increasingly popular health insurance plan option that has become available for Americans and their families. Aetna is one of the many health insurance companies that offers the Health Savings Account option. The Aetna Health Savings Account is similar to its HealthNow PPO and Aetna PPO Plans.
However, while the Health Savings Account option helps many Americans save a significant amount of money each year off of the cost of their healthcare expenses, there are some important things that everyone will want to know about before enrolling in a Health Savings Account plan.
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Posted by Wiley Long at 06:05 PM | Comments (0)
February 01, 2010
How a Health Savings Account Can Help to Protect Your Finances
If you have health insurance, you might be surprised to learn that a starling 16.6% of American adults are still uninsured, despite the high degree of attention that has been given to health insurance issues in the U.S. lately. Many American adults without health insurance are put into a tricky situation when they have a catastrophic injury or illness and are then stuck with an expensive emergency room or ICU bill. According to many, living without health insurance is a high stakes gamble that too many Americans make every day.
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Posted by Wiley Long at 01:40 PM | Comments (0)
January 27, 2010
Why Enroll in a Health Savings Account?
To Protect Your Health and Wealth!
Many Americans are struggling to keep up with the high cost of healthcare. Not only are health insurance premiums skyrocketing, but many employers are reducing their employee benefit (or even cutting healthcare coverage altogether) in an effort to reduce their costs. Moreover, many healthcare services are not even covered at all by health insurance plans, even when health insurance plan members pay for their insurance.
So how can Americans protect themselves, their wallets, and their healthcare?
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Posted by Wiley Long at 01:37 PM | Comments (0)
January 21, 2010
Are Health Savings Accounts Better than Flexible Spending Accounts?
Are you trying to get a handle on the many different employer-sponsored healthcare options that are currently available? If so, you’re not alone. In fact, we get many questions about the difference between two very popular healthcare plan options: flexible spending accounts and Health Savings Accounts. These two plans are similar, but Health Savings Accounts tend to give employees more control and financial benefits than the flexible spending account option. Here’s what you need to know about Health Savings Accounts:
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Posted by Wiley Long at 11:47 AM | Comments (0)
January 18, 2010
Health Savings Accounts Can be Used to Improve Financial Security
Health Savings Accounts can not only save you money on health insurance expenses now, but they can also serve as a vehicle to help you grow your retirement savings in a strategic way. Health Savings Account participants can use their accounts to help grow their savings tax-free (or tax-deferred). For many people, a Health Savings Account can serve as a second retirement account that will be available to help cover their medical expenses in addition to any other retirement expenses they may have.
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Posted by Wiley Long at 11:30 AM | Comments (0)
January 15, 2010
Using a Health Savings Account to Keep Health Insurance Premiums Low
Health Savings Accounts offer tax deductions for medical expenses, and the possibility of creating an additional retirement account. But regardless of any other positive benefit of Health Savings Accounts, lower premiums are the main reason why thousands of Americans have chosen Health Savings Accounts as the best way to protect the health of their families and their property. Here are some basic tips on how to keep your health insurance premiums low.
1.Choose an HSA-qualified health insurance plan that increases rates slower.
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Posted by Wiley Long at 11:30 AM | Comments (0)
January 12, 2010
Seven Things to Know About a Health Savings Account
Health Savings Accounts are becoming increasingly popular savings accounts used to pay for qualifying medical expenses. Since they first became available in 2004, about 2.5 million Americans have opened a Health Savings Account. However, Health Savings Account plans may not be the best options for everyone. If you are thinking about enrolling in a Health Savings Account, here are seven things you need to know:
1. A Health Savings Account plan can reduce healthcare costs by an average of 40 percent for many participants.
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Posted by Wiley Long at 09:46 AM | Comments (0)
January 10, 2010
How to Set Up a Health Savings Account; A Step-by-Step Guide
Health Savings Accounts provide an excellent way to save money and grow financial assets. Health Savings Accounts provide a vehicle for participants to make tax-deductible contributions into a personal savings account that can be used to pay for qualifying medical expenses.
In addition to the tax deduction participants receive for contributions they make to their Health Savings Accounts, the funds held within a Health Savings Account grow tax-free and can be withdrawn tax-free to pay for qualifying medical expenses. Therefore, participants often invest the funds within their Health Savings Accounts into high interest-yielding investments such as stocks and bonds.
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Posted by Wiley Long at 09:33 AM | Comments (0)
January 07, 2010
Non-profit Organization Launches Health Savings Account Plan
Low-income residents in Reno, NV may have a new health insurance option this year; a Reno-based non-profit organization is planning to launch a Health Savings Account option for its low-income members. If the organization does launch the Health Savings Account plan this month, it will be the first like it in the nation, according to individuals involved with the endeavor.
The new HSA plan – called the Individual Development Account – will be available through Access to Healthcare Network. Access to Healthcare Network is a program for the working poor that negotiates discounted rates for health care services and products with health care providers.
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Posted by Wiley Long at 09:27 AM | Comments (0)
January 04, 2010
The ObamaCare Health Savings Account Promise – and Problems
By many accounts, the impending ObamaCare plan will be detrimental to the U.S. not only by adding trillions of dollars to the current healthcare entitlements, but also by reducing the level of healthcare innovation as the government takes over. However, despite the predicted setbacks of the ObamaCare plan, there is still hope for many Americans in the form of affordable and tax-friendly Health Savings Accounts.
Health Savings Accounts, which were created as part of the 2003 Medicare Modernization Act, represent some of the most innovative and consumer-friendly developments across the health-insurance industry to date. Not only do Health Savings Accounts provide financial resources for consumers, but they also encourage consumers to make smarter choices about their healthcare resources.
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Posted by Wiley Long at 10:34 AM | Comments (0)
December 30, 2009
Big Businesses Adopting Health Savings Accounts in 2010
With ever-increase healthcare premiums, CEO, small business owners, self-employed individuals, and even the self-insured are constantly challenged to find ways to keep a close watch on their healthcare expenses. Luckily, the October 23, 2009 issues of Consumer Driven Market Report has some insights into how to better manage healthcare expenses in a sometimes unpredictable healthcare environment.
According to the Consumer Driven Market Report, "The huge Blue Cross Blue Shield of Florida will offer only a Health Savings Account product to employees next year in the latest sign that larger employers, government workers and unions will be a major source of total replacement offerings in 2010."
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Posted by Wiley Long at 08:38 AM | Comments (0)
December 28, 2009
Senate Health Bill Threatens the End of Health Savings Accounts
Many healthcare experts worry that the proposed Senate healthcare bill that was recently revealed by Harry Reid will reduce the quality of medical care while costing the nation trillions of dollars, pushing the nation further into debt. The new bill will cost $1.2 on the outside; however, critics contend that when the "accounting gimmicks" are removed, the 2,074-page bill will have an actual hard cost closer to $2.5 trillion.
Critics believe that this new bill will be damaging to a nation already strapped by debt and a struggling healthcare system. In particular, many are concerned that the bill will damage Health Savings Account plans that give consumers more control over their healthcare choices and dollars. Here’s why:
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Posted by Wiley Long at 08:34 AM | Comments (0)
December 24, 2009
New Online Health Savings Account Tools from Aetna
National health insurance carrier Aetna has developed an online resource that can help current members and potential members get the most out of their Aetna Health Savings Account Plans. Using their online resource, visitors get more information about the available Health Savings Account plans, review tips on how to make the most of their Health Savings Account plans, and watch videos that share information about the different types of Health Savings Account plans.
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Posted by Wiley Long at 10:57 AM | Comments (0)
December 22, 2009
Health Savings Account Balances Grew in 2009 1st Quarter
The average Health Savings Account balance in America has continued to grow each quarter, even as the national economy still faces slow economic conditions, according to the Health Savings Account Market Q1 – 2009 report from Canopy Financial.
Canopy Financial is a national vendor for consumer-directed health plan (CDHP) financial technology and electronic payment systems that are used by banks and managed care companies. During its research, the company found that the average individual Health Savings Account subscriber during the 1st quarter of 2009 was 42 years old and contributed $116 each month – a figure that is up from the average monthly contribution of $111 during the 4th quarter of 2008. Employer contributions also increased during the 1st Quarter in 2009 from $69 to $113 for individual Health Savings Account participants.
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Posted by Wiley Long at 10:39 AM | Comments (0)
December 20, 2009
Time to Enroll in a Health Savings Account for 2010
Health Savings Account participants will receive greater tax benefits than ever before in 2010, thanks to an increase in contribution limits. When Health Savings Accounts are coupled with qualifying high-deductible insurance plans, participants receive hundreds or thousands of dollars in savings each year, making Health Savings Accounts attractive options for many people seeking ways to save money and control health care costs.
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Posted by Wiley Long at 10:33 AM | Comments (0)
December 18, 2009
HSA Bank Eliminates Two HSA Fees as Banking Industry Fees Soar
As Congress continues to discuss the ever-increasing increase in banking fees across the country, HSA Bank has announced that it will eliminate the set-up fees and debit card renewal fees for Health Savings Accounts. By eliminating these fees, HSA Bank is addressing the two most prominent concerns amongst its customers, which were identified in the bank’s annual Consumer Benchmark Survey.
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Posted by Wiley Long at 10:34 AM | Comments (0)
December 16, 2009
The Impact of Health Savings Accounts Amongst Credit Unions
As the health care reform debate rages on in the halls of the Senate in Washington, D.C. credit unions nationwide are increasing their efforts to find affordable and effective health care solutions for their union members. Creditunions.com hosted a recent Webinar in which a panel of health care plan experts evaluated the potential impact within the credit union community of making maximum contributions to Health Savings Account (HSA) portfolios.
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Posted by Wiley Long at 10:58 AM | Comments (0)
December 13, 2009
Health Savings Accounts Offered Through Employer Consumer Driven Health Plans Are On the Rise
According to a new survey by Aon Consulting and the International Society of Certified Employee Benefit Specialists, more employers are offering Consumer Driven Health Plans (CDHPs) with Health Savings Accounts than ever before. Consumer Driven Health Plans have been available since 2000 and are popular health insurance options for employers who want to help their employees have more control over their healthcare expenses than is allowed by traditional insurance plans.
Posted by Wiley Long at 10:37 AM | Comments (0)
December 11, 2009
Health Savings Account Potential: How Health Savings Accounts Could Help to Restore Michigan’s Fiscal Health
Business owners, lawmakers, legislators, and more have spent decades trying to find the perfect healthcare solution for Americans and their families. In fact, the Mackinac Center – a free-market public policy research center in Michigan - has recommended hundreds of reform ideas that could save billions of dollars and help to balance the state budget since 1988.
Currently, the state of Michigan continues to try to find the best solutions to balance the 2010 budget. In the face of these challenges, 2011 is already expected to run rampant with budget deficits and political drama, as the following year is an election year. These challenges promise to be greater than what the state has faced in regards to the last seven state budgets combined. However, one thing is certain: state legislators need to reduce the cost of state government as soon as possible.
Posted by Wiley Long at 08:30 AM | Comments (0)
December 09, 2009
Five Ways a Health Savings Account Can Help YOU Save Money
Enrolling in a Health Savings Account is an excellent way to save a significant amount of money for you and your family. Here are 5 ways that opening a Health Savings Account can make a difference:
1. Health Savings Accounts have corresponding high-deductible insurance plans (HDHP). These high-deductible insurance plans have lower monthly premiums than “standard” insurance plans, which saves you money each month. Lower health insurance premiums = higher savings potential!
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Posted by Wiley Long at 02:15 PM | Comments (0)
December 07, 2009
The Alternative of Health Savings Accounts
More people than ever are choosing Health Savings Accounts. This is good news for the healthcare consumer. Everyone benefits when the country is given more choice when it comes to their healthcare. Health Savings Accounts let you work out a financial plan that works best for your specific needs and decide how to manage your own medical needs.
An added benefit of Health Savings Accounts is making the price of medical care more affordable for everyone, and the prospect of lowering the nation's rising healthcare costs.
So how can revamping the current health insurance system affect healthcare from a financial standpoint?
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Posted by Wiley Long at 02:11 PM | Comments (0)
December 03, 2009
Learn About Guidelines For Health Savings Accounts
With Health Savings Account originally set up as a savings account meant specifically for medical expenses, there are some guidelines that you need to be aware of. You are allowed to deposit pre-tax dollars into your Health Savings Account, so it is a great way to save for HSA qualified medical expenses. However, there are a few eligibility requirements that must be met before individuals and families can open a Health Savings Account and begin to make contributes.
Below is a list of those requirements and guidelines to help you decide if a Health Savings Account is for you.
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Posted by Wiley Long at 02:07 PM | Comments (0)
December 01, 2009
What Will The Senate Health Care Bill Do To Health Savings Accounts
Senators like to tell us how their bill will help the free market. They say the "public option" or government run plan would just be another choice on healthcare to compete with other insurance plans. They say the government-run health care exchanges will make it easier for individuals and employers to choose the best health care plans.
But the reality is quite different. The Senate health care bill would severely limit choice. And in one key area, it limits choice on Health Savings Accounts which allow individuals and families to save their money tax free and use it for their healthcare.
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Posted by Wiley Long at 05:23 PM | Comments (0)
November 27, 2009
Health Savings Accounts Continue to Gain in Popularity as Healthcare Debate Rages On
While the nation's lawmakers debate possible ways to improve the health care system, a national consumer organization reports that thousands of Americans apparently believe they've already found an answer: Health Savings Accounts.
A Health Savings Account is a lot like an IRA. The money you put into your Health Savings Account provides an above-the-line tax deduction, reducing your adjusted gross income and thereby reducing your tax burden each year.
explains Vicki Rolens, managing director of the Federation of American Consumers and Travelers (FACT).
Posted by Wiley Long at 10:49 AM | Comments (0)
November 25, 2009
Health Savings Account High Deductible Options
If you are looking for an affordable health insurance plan, then you should look for plans which have a high deductible with a Health Savings Account option. The deductible is the amount which you have to pay out of pocket for healthcare before the insurance company starts to pay for your coverage.
The major costs of a health insurance plan come from the monthly or annual premium and the amount of deductible. Higher the premium, lower the deductible.
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Posted by Wiley Long at 11:15 AM | Comments (0)
November 20, 2009
Health Savings Account Things To Consider
A Health Savings Account is becoming a popular tool to save money for medical expenses. Many employers are providing them in conjunction with a high-deductible health insurance plan so that their employees can afford their deductibles. While Health Savings Accounts are becoming more popular, many people still do not know much about them. Here are six things to consider if you are thinking about getting a Health Savings Account.
1. Pre-Tax Contributions to your Health Savings Account
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Posted by Wiley Long at 11:14 AM | Comments (0)
November 17, 2009
High Deductible Health Plans and Health Savings Accounts
As the cost of health insurance and healthcare continues to grow, individuals and families are actively looking for ways to lower their healthcare costs. This increased cost, as well as the current health care reform efforts, have been beneficial for a couple of reasons. First of all, it has caused people to creatively look at ways to reduce premium cost. Secondly, it has caused us to consider what real purpose health insurance serves and evaluate our past coverage choices. Let's take a look at the components of using a Health Savings Account plan:
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Posted by Wiley Long at 12:43 PM | Comments (0)
November 13, 2009
Health Savings Account Deadline December 1st - Don't Miss This Date!
Posted by Wiley Long at 08:19 PM | Comments (0)
November 12, 2009
General Motors Moves to Health Savings Accounts
General Motors Co. is moving most of its 24,000 salaried employees into Health Savings Accounts and away from traditional health care plans starting at the beginning of 2010.
The employees are being offered two Health Savings Account options:
One Health Savings Account plan has a maximum of $2,200 in yearly out-of-pocket costs for a single salaried employee, and $5,000 for a family.
The other Health Savings Account plan has a $1,300 out-of-pocket maximum for an individual and $3,100 for a family, but with a higher monthly premium.
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Posted by Wiley Long at 08:58 AM | Comments (0)
