February 01, 2012
How A Health Savings Account Plan Can Offer You Tax Savings
The first couple months of the year are usually the time when most people look for ways to keep more money in your pocket with tax-saving strategies. However, if you have an high deductible health insurance plan with a Health Savings Account (HSA), you don’t have to stress yourself about the April 15 deadline.
It’s not too late to save on your 2011 taxes by depositing the maximum contribution into your Health Savings Account. You still have until April 15, 2012 to make a tax deductible contribution into your HSA of $3,050 for singles and $6,150 for families.
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Posted by Wiley Long at 10:09 AM | Comments (0)
January 30, 2012
Have Health Savings Accounts Changed With Health Care Reform?
Since the implementation of the Affordable Care Act, we have seen numerous changes in the way we receive health care. One of the health care options affected by this law has been the high-deductible health insurance plans that allow you to open a Health Savings Account (HSA).
Low-cost HSA plans, like all plans with deductibles, must now cover preventive health care before policyholders have spent enough on their own health care to meet the plan's deductible.
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Posted by Wiley Long at 12:29 PM | Comments (0)
January 26, 2012
Great Health Savings Account Rewards
A high-deductible plan combined with a Health Savings Account (HSA) is a tax-advantaged way to pay for most medical expenses. HSA plans allow your savings to grow with tax-free earnings.
Plus, HSA money is yours to keep in contrast to flexible spending accounts. Those funds are only available until the end of the year.
There's even a program called "My HSA Rewards" that lets you earn cash-back from purchases to build your HSA balance. That's great at Christmas time, but it works throughout the year.
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Posted by Wiley Long at 02:29 AM | Comments (0)
January 22, 2012
Six Amazing Health Savings Account Facts
Did you know that you might be missing out some major benefits if you currently have a high-deductible plan without opening a Health Savings Account (HSA)? There are six great things about Health Savings Accounts that you should know.
First, they are very easy to use. Some financial institutions offer debt cards with a HSA, and credit cards attached to a HSA may be available soon.
Second, HSA funds are yours to keep.
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Posted by Wiley Long at 09:39 AM | Comments (0)
January 18, 2012
Why Health Savings Accounts Are On The Rise
We have seen a constant increase in the number of Health Savings Accounts because they create a win-win situation for employees and employers. Two studies were conducted to show you why enrollment in HSA plans continues to grow.
Buck Consultants conducted a survey that revealed that Health Savings Accounts are not only saving employers and consumers money, but are also helping employees (and retirees) make better decisions about their healthcare. Employers said that the cost of providing HSA high-deductible health plans is considerably less than that of providing a standard health plan.
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Posted by Wiley Long at 11:24 AM | Comments (0)
January 14, 2012
Health Savings Account Cures High Health Care Cost
Health Savings Accounts allow you to contribute money to a savings account that earns tax-free interest, or invest money in stocks and bonds or mutual funds for tax-free earnings. You can tap your Health Savings Account (HSA) money to pay for medical expenses for you and your family and the withdrawals are also tax-free as long as you spend the money on qualified health care. That list is pretty long and includes many services that traditional health insurance doesn't cover, like dental care.
Before you can start a HSA, you must have a high-deductible health plan and not just any plan will do. Be sure to get a plan that is qualified to be combined with a HSA.
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Posted by Wiley Long at 03:02 AM | Comments (0)
January 10, 2012
Can Health Savings Accounts Help Small Businesses Fight Health Care Costs?
According to a recent study commissioned by HSA provider ACS and conducted by Bucks Consultants, more small business owners and employees are turning to Health Savings Accounts as a low-cost healthcare option.
Health Savings Accounts (HSA) are owned by the employee, rather than the employer, even if the employer funds that HSA. These funds can be used to pay for qualified health care expenses, or kept for retirement.
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Posted by Wiley Long at 01:05 PM | Comments (0)
January 06, 2012
A Health Savings Account Plan Can Help With Unemployment
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. One big benefit of having a Health Savings Account (HSA) is that you own it completely. If you leave your job, all of the funds are yours to keep and you can use that money to pay for health care when you're between jobs.
When you contribute to a HSA, you can take a tax deduction to keep your federal, and almost always state, income taxes low. You don’t even have to itemize deductions to claim your HSA contribution as a deduction.
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Posted by Wiley Long at 06:18 AM | Comments (0)
January 02, 2012
Health Savings Accounts Control Health Care Costs
Two recently-released national surveys show that employers and employees are finding affordable health care with Health Savings Account plans. That's a combination of a high-deductible health insurance plan with a unique kind of savings that offers tax deductions and tax-free earnings, like IRAs.
According to the surveys, 77 percent of employers said that high-deductible health plans that worked with a Health Savings Account (HSA) could help control rising medical care costs. That's because a HSA can grow faster than traditional savings account in which earnings are taxed. Then, the savings can be used to pay for qualified medical expenses not covered by the HSA insurance.
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Posted by Wiley Long at 10:56 AM | Comments (0)
December 29, 2011
HSA Plans Added To Boston University’s Insurance Options
Next year will mark the first time that Health Savings Account plans will be offered to Boston University employees. Staff will still have access to two previous health insurance options (HMO and PPO plans), as well.
HSA plans will enable them to pay for certain medical care expenses not covered by insurance. If HSA funds are not needed for health care, the balance can grow with tax-free earnings to add to their retirement savings.
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Posted by Wiley Long at 11:56 AM | Comments (0)
December 25, 2011
How Health Savings Accounts Impact Consumers
According to the ACS 2011 Employer and Account Holder Survey, 77 percent of small employers say that high-deductible health plans paired with a Health Savings Account (HSA) help to control health care costs. More than half (56 percent) of HSA plan holders agreed that their HSA-qualified health plan was affordable.
Starting a HSA requires a very specific high-deductible insurance plan. These plan deductibles start at $1,200 for individuals or $2,400 for families, but not all plans that meet the criteria will work. Confirm a plan is HSA eligible up front.
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Posted by Wiley Long at 09:58 AM | Comments (0)
December 21, 2011
What Will Health Savings Account Limits Be In 2012?
The IRS has released contribution and other limits for Health Savings Accounts for 2012. Contributions increased slightly. For individual Health Savings Account (HSA) plans, annual contributions will be $50 higher at $3,100. Family HSA plan contributions will see a $100 increase to $6,250. The catch-up $1,000 contribution for those 55 or older remains unchanged.
Basically, a Health Savings Account is a tax-advantaged account that is linked with a HSA-qualified high-deductible health plan. You can set up a HSA with private insurance companies or financial institutions like banks.
Continue reading "What Will Health Savings Account Limits Be In 2012?"
Posted by Wiley Long at 11:58 AM | Comments (0)
December 17, 2011
Benefits of Health Savings Accounts
Since the inception of Health Savings Accounts, a lot of people with high-deductible health plans have chosen this option. In fact, there's been a consistent increase in the number of people starting a Health Savings Account (HSA) each year.
If you are in a high tax bracket, you can definitely benefit from an HSA plan. You can lower your federal income taxes, and even your state income taxes in almost any state, via HSA contributions. You don't even need to itemize deductions because HSA contributions are considered "above the line" deductions.
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Posted by Wiley Long at 09:57 AM | Comments (0)
December 13, 2011
Do Health Savings Accounts Work With a Health Reimbursement Arrangement?
Health Savings Accounts are allowed with Health Reimbursement Arrangements as long as the HRA does not reimburse expenses that would otherwise go toward the deductible of the HSA-qualified health insurance plan.
When there is an employer/employee business relationship, such as your spouse works at least part-time in the business, you can set up a Health Reimbursement Arrangement so that your business can reimburse you for health insurance and other health care expenses.
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Posted by Wiley Long at 11:56 AM | Comments (0)
December 09, 2011
Health Savings Account Bill Dies For Texas State Employees
In Texas, a House Bill was proposed to offer Health Savings Accounts to state workers. Political opposition makes it unlikely that this unique form of savings will be available for state employees, though.
A Health Savings Account (HSA) works in combination with a type of insurance that is typically less expensive than full-coverage health insurance. HSA-qualified plans would allow state employees to start their own HSA to cover health care expenses until the plan's annual deductible has been met.
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Posted by Wiley Long at 10:53 AM | Comments (0)
December 05, 2011
Health Savings Account Versus Retirement Account
Health Savings Accounts are usually recommended for tax deductions. The high-deductible health plans that work with them are commonly known for low premiums, as well, but another advantage is less well known.
Health Savings Accounts have a lot in common with IRAs, such as annual contributions can grow with tax-free earnings. Those contributions are also tax deductions. One difference between the two is that HSA money is always available to pay for personal or family health care, while IRA money is only available after you are 59-and-a-half.
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Posted by Wiley Long at 02:30 AM | Comments (0)
December 01, 2011
Difference Between Health Savings Accounts And A 501(C)3
If you are wondering if Health Savings Accounts are the same as 501(C)3 corporations, the answer is no. A 501(C)3 corporation is a tax-exempt organization formed for educational or charitable activities. Health Savings Accounts, on the other hand, are simply a tax-advantaged way of saving money when it comes to paying for medical bills.
A Health Savings Account also helps reduce your income taxes - both federal and almost always state taxes. HSA contributions tax-deferred and withdrawals are tax-free when used to pay for qualified medical expenses.
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Posted by Wiley Long at 03:00 AM | Comments (0)
November 27, 2011
Establish Your Health Savings Account By December 1
If you want lower than average health insurance premiums, get a high-deductible health plan that qualifies you to open a Health Savings Account. Not only do these plans have some of the lowest premiums available, but HSA plans also have much lower rate hikes than traditional health insurance policies.
HSA plans have the added advantage of helping you save on federal and state income taxes. There's no requirement to fund your HSA, but if you do, you can use the contributions to reduce your taxable income.
Continue reading "Establish Your Health Savings Account By December 1"
Posted by Wiley Long at 09:59 AM | Comments (0)
November 24, 2011
Health Savings Accounts Encourage Cost Management
A survey from Mercer, an international HR firm, shows that the number of employers providing Health Savings Accounts has significantly increased. There's also been an increase in the number of HSA plans started by individuals.
Susan Connolly, a partner in Mercer’s Boston office, says that HSA plans are on the increase because the impact of increasing medical costs and overuse and misuse of health care services is taking a huge toll.
Continue reading "Health Savings Accounts Encourage Cost Management"
Posted by Wiley Long at 10:37 AM | Comments (0)
November 21, 2011
Health Savings Accounts Work For Acupuncture
Are you fond of alternative healing methods such as acupuncture to relieve stress and pain, or to promote health? The National Institutes of Health recently recognized the benefits of what has been referred to an "alternative" health care. However, your regular health insurance plans might not cover these treatments.
If you have a Health Savings Account (HSA), you can use your HSA dollars to pay for alternative medical treatments and you can take tax deductions for these expenses. HSA Plans combine high-deductible health insurance policies with tax-advantaged savings accounts.
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Posted by Wiley Long at 10:17 AM | Comments (0)
November 16, 2011
Health Savings Accounts Urged in Delaware
Retired health care executive Richard Cherrin says Delaware needs a "dramatic, bold, paradigm shift" in the way it handles health care with its poorest residents, and he says "the time to do it is now."
Explaining his plan at a meeting of the Commission on Medicaid Cost/Health Care Containment, which he chairs, Cherrin proposes a shift to "consumer-driven" Health Savings Accounts for Medicaid recipients.
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Posted by Wiley Long at 09:50 AM | Comments (0)
November 13, 2011
How Health Savings Accounts Work With Medicare
Once you are enrolled in Medicare, you are no longer eligible to contribute to your Health Savings Account, but that doesn't mean it's any less valuable.
If you plan to continue working and remain on your employer’s health plan after you are eligible for Medicare, you can continue to make Health Savings Account contributions until you enroll in Medicare. Even Medicare Part A benefits, which are typically free, will disqualify you from being able to make Health Savings Account contributions though.
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Posted by Wiley Long at 10:30 AM | Comments (0)
November 10, 2011
Health Savings Accounts Offered By Bellco Credit Union
With millions of consumers worried about the rising cost of health care and how medical bills can make a huge impact on their wallet, Bellco Credit Union announced that they will offer Health Savings Account services to help consumers manage health care costs.
A Health Savings Account (HSA) provides a smart way to save for both day-to-day and future medical expenses. If you are in a high tax bracket, you can definitely benefit from an HSA plan. You can lower your annual federal taxes and even your state income taxes in almost any state.
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Posted by Wiley Long at 10:57 AM | Comments (0)
November 07, 2011
Health Savings Accounts Are Not In The Future For Texas State Workers
In Texas, a House Bill was proposed to offer Health Savings Accounts to state workers. However, despite the growing popularity of these tax-advantaged, low-cost Health Savings Account plans, political opposition is keeping HSA Plans out of reach for state employees.
Health Savings Accounts are very popular in the insurance market today for tax breaks and lower premiums. An HSA allows you to make many expenses such as acupuncture, co-pays, chiropractor services, dental services, homeopathy, prescriptions, etc., tax deductible.
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Posted by Wiley Long at 10:56 AM | Comments (0)
November 04, 2011
Health Savings Account Benefits Available Until Dec. 1
There's still time to lower your 2011 income taxes, but you'll need a health insurance plan that's qualified to work with a Health Savings Account (HSA) by December 1. Health Savings Accounts are the only plan that gives you a tax deduction when you put the money in, tax-deferred earnings, and tax-free withdrawal to pay for qualified medical costs.
The high-deductible health insurance plans that work with an HSA are some of the least expensive forms of health insurance. Once you have an HSA health insurance plan is place, you can start your Health Savings Account with just a small deposit.
Continue reading "Health Savings Account Benefits Available Until Dec. 1"
Posted by Wiley Long at 11:32 AM | Comments (0)
November 01, 2011
Health Savings Account Contribution Limits For 2012
The IRS has released contribution and other limits for Health Savings Accounts for 2012. Contributions increased slightly. For individual Health Savings Account (HSA) plans, it will be $50 higher at $3,100. Family HSA plans will see a $100 increase to $6,250. The catch-up $1,000 contribution for those 55 or older remains the same.
To get the tax deduction for the current tax year, you must have an HSA-qualified high-deductible health plan by December 1. Once you have your HSA plan in place, you're free to open an HSA, but there are no contribution requirements.
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Posted by Wiley Long at 10:31 AM | Comments (0)
October 29, 2011
Why Health Savings Accounts Have A Loyal Following
One reason is that HSA earnings are not taxed as long as the money remains in the account. Withdrawals to pay for most health care expenses will not be taxed, either. Health care expenses for family members can be covered with an HSA even though those family members are not covered under the HSA-qualified high-deductible health plan.
The other tax advantage is that HSA contributions double as tax deductions regardless of whether the money is spent on health care. Up to the government-set maximum, HSA contributions are considered to be “above the line” deductions. That means you can take the deduction without itemizing deductions.
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Posted by Wiley Long at 01:30 AM | Comments (0)
October 27, 2011
The New Health Savings Account Strategy
Consumers continue to make the most of Health Savings Account (HSA) Plans. One new trend is to increase the deductible on the HSA-qualified health plan as the HSA balance grows. This often results in lowering the monthly premium, which in turn increases the potential to save money. In case the Health Savings Account owner does need to meet the HSA plan’s deductible, the Health Savings Account balance can cover the gap until the insurance company starts to pay for medical claims.
Switching health insurance plans in order to lower premium costs as the HSA balance grows works better when the high-deductible health plan and the HSA are coming from different companies.
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Posted by Wiley Long at 01:02 AM | Comments (0)
October 24, 2011
Health Savings Accounts Mean Lower Taxes
In tough times, people need to be innovative to reduce what they spend on health care without giving up access to medical services. One way that people can gain more control over what they pay for health care and for taxes is called the Health Savings Account (HSA) Plan.
HSA Plans give tax deductions for money deposited in an HSA. That money accrues interest as long as it remains in the account, which can be until you want to use it for retirement. All the while it is growing with tax-free earnings, you can deduct annual contributions to lower your taxes.
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Posted by Wiley Long at 08:44 AM | Comments (0)
October 18, 2011
Health Savings Account Plans Offer Triple Benefits Over Old-fashioned Health Insurance
Health Savings Account (HSA) Plans are not just health insurance. They are low-cost, high-deductible insurance plans, potential tax deductions, and savings accounts with investment opportunities similar to IRAs and Roth accounts. That's how they offer three times more than old-fashioned policies.
Since they came to market in 2004, HSA Plans have attracted a loyal following. That's because their insurance premiums tend to be on the low-end and HSA Plans offer significant tax advantages.
Posted by Wiley Long at 10:03 AM | Comments (0)
October 12, 2011
Health Savings Accounts Reformed Health Insurance
Since Health Savings Account (HSA) Plans became available in 2004, people have been using them to reshape what health insurance had to offer. From low-cost coverage to tax advantages, HSA Plans reformed health insurance.
Health savings accounts allow people to put money aside for future medical expenses and grow that balance with tax-free earnings. When HSA funds were needed to pay for qualified health care expenses, the withdrawals were also free from taxation.
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Posted by Wiley Long at 11:03 AM | Comments (0)
October 07, 2011
How Health Savings Accounts Cut Taxes
Tax day 2012 is still a ways off, but those who want to pay less taxes are maxing out their Health Savings Account contributions now. What a lot of people don’t realize is that their health insurance plan can be turned into a fabulous way to save on taxes by adding a Health Savings Account or an HSA.
When you have an HSA Plan, you can make tax-deductible contributions to pay for many out-of-pocket health care costs. You have until April 15, 2012 to make the maximum HSA contribution for 2011. The maximum contribution for singles is $3,050 or $6,150 for families.
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Posted by Wiley Long at 04:37 AM | Comments (0)
October 04, 2011
Health Savings Accounts Lower Out-Of-Pocket Costs
Like all high-deductible plans, those that are qualified to be combined with a Health Savings Account (HSA) now cover preventive health care. That's only true for plans purchased after health care reform, though.
HSA Plans are high-deductible policies combined with an HSA. Like other high-deductible plans, HSA Plans are often less expensive than co-pay plans. They could be a more affordable route for employees struggling to pay for rising rates on group coverage.
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Posted by Wiley Long at 02:18 AM | Comments (0)
October 01, 2011
Health Savings Accounts Protect In Numerous Ways
Health Savings Accounts have the potential to not only allow investors to cover health-care costs with tax-free dollars, but to also help them build a retirement nest egg.
If you are under 65, you can open a Health Savings Account (HSA) as long as you have a high-deductible health insurance plan that's qualified to be combined with one of these special health savings accounts. You can even keep an HSA while you have another insurance policy, but you cannot have medical expenses paid by both an HSA and other insurance.
Continue reading "Health Savings Accounts Protect In Numerous Ways"
Posted by Wiley Long at 02:36 AM | Comments (0)
September 27, 2011
How HSA Plans Can Save You Money
With escalating health insurance costs, more and more consumers are looking for new ways to save on health care. More often than not, they don't realize how high-deductible health plans can mean significant savings.
High-deductible plans typically offer lower premiums than co-pay plans, and that's usually true for high-deductible plans that may be combined with a Health Savings Account (HSA). HSA Plans have other advantages, too.
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Posted by Wiley Long at 12:17 PM | Comments (0)
September 22, 2011
Are Health Savings Accounts Affected By Health Care Reform?
The Affordable Care Act has made major changes in health insurance and Health Savings Account Plans are no exemption. The trade association America’s Health Insurance Plans says that more than 11.4 million U.S. residents have HSA-eligible health insurance plans. That amounts to more than a 14-percent increase since last year.
Health care reform ended the option to buy over-the-counter drugs without a prescription using HSA funds. To do so now would result in a hefty 20-percent penalty on the withdrawal along with the need to pay taxes on that withdrawal.
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Posted by Wiley Long at 10:49 AM | Comments (0)
September 16, 2011
Are Health Savings Accounts Threatened By The Affordable Care Act?
Making consumers take a look at their health care expenditures is one way to curtail health care costs, and Health Savings Account (HSA)Plans can help.
Health Savings Accounts allow consumers to use a tax-advantaged account to pay for qualified medical expenses. A 2011 report by the trade association America’s Health Insurance Plans shows growing enthusiasm for Health Savings Accounts. But how has the Affordable Care Act impacted Health Savings Accounts?
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Posted by Wiley Long at 08:47 AM | Comments (0)
September 13, 2011
Health Savings Accounts Remain Popular After Health Care Reform
Even after health care reform, Health Savings Accounts are increasing in popularity among small firms and families who need coverage in the individual plan market.
According to a recently released report from the trade association America’s Health Insurance Plans, the number of people with HSA Plans has nearly doubled in the past three years. This year, about 11.4 million U.S. residents can use the tax advantages of a Health Savings Account or an HSA.
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Posted by Wiley Long at 10:55 AM | Comments (0)
September 09, 2011
Health Savings Accounts Meet Health Care Reform
America's Health Insurance Plans (AHIP) is a trade association interested in Health Savings Account (HSA) Plans. It doesn't track all high-deductible health plans, but it did survey 83 insurance companies this year. Despite increases in enrollment, HSA Plans were found to only account for about seven percent of health insurance coverage among people under 65.
Like other high-deductible health insurance plans, HSA Plans typically offer lower premiums than what is available with co-pay plans. Both pre-tax money and employer contributions are allowed, but there's no requirement to fund your HSA.
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Posted by Wiley Long at 10:31 AM | Comments (0)
September 04, 2011
Health Savings Accounts Grow To 11.4 Million
Over 11.4 million U.S. residents have a Health Savings Account (HSA) eligible insurance plans. According to America’s Health Insurance Plans (AHIP), that represents a more than 14-percent increase over last year.
HSA enrollment has almost doubled in the past three years and the biggest increase has been seen in large-group coverage. That rose by 26 percent resulting in more than 6.3 million being covered. The small-group market showed about 2.8 million were enrolled in HSA plans.
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Posted by Wiley Long at 10:30 AM | Comments (0)
September 01, 2011
Health Savings Accounts Are Becoming Mainstream Healthcare Options
HSA Bank's 2011 Consumer Benchmark Survey shows Health Savings Accounts are becoming mainstream healthcare options.
It turns out that people with HSA-compatible health plans have similar characteristics, like age, health status and income. Most (59.8 percent) were at least 45 years old.
Nearly 95 percent of all Health Savings Account owners described themselves as having average or better health. Less than half (42.1 percent) had annual incomes between $50,000 and $100,000.
Continue reading "Health Savings Accounts Are Becoming Mainstream Healthcare Options"
Posted by Wiley Long at 10:40 AM | Comments (0)
August 29, 2011
Is An HSA The Right Choice For You?
As employers are looking for ways to battle increasing health care costs, more and more are leaning towards the popular Health Savings Accounts. Since the inception of Health Savings Accounts in 2004, consumers have been drawn to them. In part, this is because they allow consumers to get tax deductions for savings for health care costs.
To set up a Health Savings Account, you need a high-deductible health plan that's qualified to work with a Health Savings Account (HSA). Any money left in your HSA at the end of the year rolls over every year unlike when you have money in a flexible spending account.
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Posted by Wiley Long at 04:20 AM | Comments (0)
August 24, 2011
Health Savings Account Balances Blooming This Summer
Employers are leaning toward high-deductible health plans for employee benefits, and Health Savings Accounts (HSA) balances increased this June.
With the current recession, firms have reduced their workforce and the benefits they offer employees. Some companies have been able to maintain health benefits for workers via high-deductible plans combined with Health Savings Account. Commonly known as an HSA, this form of savings account offers tax-advantages in exchange for saving to cover medical costs.
Continue reading "Health Savings Account Balances Blooming This Summer"
Posted by Wiley Long at 10:32 AM | Comments (0)
August 21, 2011
2012 Health Savings Account Plan Minimums and Maximums
Each year, the IRS calculates annual Health Savings Account adjustments using a 12-month period ending March 31. It has released Revenue Procedure 2011-32,1 that shows inflation-adjusted amounts for 2012 Health Savings Accounts and the high-deductible health plans that work with them.
For 2012, the maximum annual HSA contribution for individual HSA plans will be $3,100, which is $50 higher than the 2011 maximum. For family HSA plans, the maximum will be $6,250, or $100 higher than in 2011.
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Posted by Wiley Long at 12:28 PM | Comments (0)
August 18, 2011
Arizona Offers HSA Plan Tax Credit On Health Insurance For Small Businesses
Arizona has a new law to motivate small businesses to help employees with health insurance. It offers firms dollar-for-dollar tax credit up to $360 a year on the purchase of high-deductible HSA plans and Health Savings Accounts.
There's an additional $360 credit for contributions the employer makes to a worker’s Health Savings Account. The credits are only available for three years, which may be all that is necessary.
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Posted by Wiley Long at 10:03 AM | Comments (0)
August 15, 2011
How Health Savings Accounts Really Work
A Health Savings Account, commonly known as an HSA, adds tax advantages to certain health insurance plans that have deductibles. Like other high-deductible plans, those that allow you to open an HSA, typically have premiums in the least expensive range.
Like other deductible plans, HSA Plans cover 100 percent of your medical expenses once the total out-of-pocket limits are met (including the deductible). For 2011, annual out-of-pocket expenses are limited to $5,950 for individual coverage and to $11,900 for family coverage. The minimum deductible for an HSA-qualified plan is $1,200 for individual coverage and $2,400 for family coverage in 2011.
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Posted by Wiley Long at 07:59 AM | Comments (0)
August 09, 2011
Health Savings Accounts And What The Affordable Care Act Means For Them
Over the last few years, the Affordable Care Act has dominated the headlines. There has been much optimism about what healthcare reform can do to make health insurance and health care more affordable. Health care reform has included some changes to Health Savings Accounts and the health plans that work with them.
Consumers can no longer use their Health Savings Account (HSA) funds to pay for over-the-counter medication unless they can get a prescription from their doctor. In addition, the penalty for using your HSA for non-medical expenses has increased from 10 to 20 percent of the amount spent.
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Posted by Wiley Long at 08:03 AM | Comments (0)
August 03, 2011
Health Savings Accounts And The Reason Behind Their Popularity
The need to save for health care has never been more urgent. Perhaps, that's why more people are starting a Health Savings Account (HSA) and the amounts deposited in them are increasing. Just this year, an astounding 11.4 million people enrolled in a high-deductible health plan that allowed them to open an HSA.
The advantages of an HSA are only available to those who have a qualified high-deductible health plan, but these HSA plans offer other advantages, too.
Continue reading "Health Savings Accounts And The Reason Behind Their Popularity"
Posted by Wiley Long at 08:01 AM | Comments (0)
August 01, 2011
Enrollment In Health Savings Accounts Is Still On The Rise
According to the America’s Health Insurance Plan (AHIP), enrollment in a high-deductible health plan coupled with a Health Savings Account (HSA) increased by 14 percent this year. The biggest increase came from the large-group businesses, which rose by 26 percent from January 2010 to 2011.
If you’re a business owner, you should investigate how a health savings account can save you money even if you are self employed. If you have employees, an HSA Plan can mean big annual savings on the cost of health insurance benefits.
Continue reading "Enrollment In Health Savings Accounts Is Still On The Rise"
Posted by Wiley Long at 07:59 AM | Comments (0)
July 22, 2011
Confused About Health Savings Accounts?
There are a lot of health care coverage options available, but none offer more ways to save than a Health Savings Account, also known as an HSA. Although it may seem confusing at first, an HSA is really very simple. You get an insurance plan and a savings account and the combination could end up saving you thousands of dollars in just one year.
Your health insurance plan must be qualified to be combined with an HSA. This usually means that it will have a high deductible. Preventive care will be covered without having to meet the deductible.
Continue reading "Confused About Health Savings Accounts?"
Posted by Wiley Long at 05:57 AM | Comments (0)
July 18, 2011
Health Savings Account Enrollment Climbed 14 Percent
According to the American Health Insurance Plan Trade Association, enrollment in high-deductible health plans that aid consumers in saving for health care increased by 14 percent and had an overall increase of 87 percent since the 1st quarter of 2008. Compared to January 2008 where 6.1 million consumers enrolled in high-deductible plans, the figure almost doubled this year alone with an approximate 11.4 million enrollees. Why are these plans so popular?
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Posted by Wiley Long at 11:19 AM | Comments (0)
July 13, 2011
High-deductible Health Insurance With An HSA Works Perfectly
With inevitable rate hikes in individual health insurance premiums, the need to switch to a high-deductible health insurance plan is growing. Generally, insurance companies give out lower premium rates for those who have high-deductible plans. A deductible is a specific amount you have to pay every year before you can start receiving coverage. Plans with high deductibles are so popular because you can save a lot in terms of the premium price.
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Posted by Wiley Long at 11:17 AM | Comments (0)
July 08, 2011
See How A Health Savings Account Can Save You Money
With the rising cost of health care services, Americans spend thousands of dollars every year to pay for monthly premiums and still have out-of-pocket expenses for health care. Many people are switching from co-pay plans to high-deductible health insurance to get lower premiums, but they may not realize they could save even more with a Health Savings Account (HSA) plan.
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Posted by Wiley Long at 11:16 AM | Comments (0)
July 05, 2011
How Do Health Savings Accounts Help People Save?
You might have already heard about Health Savings Accounts. A Health Savings Account (HSA) is pretty popular in the health insurance market today because it helps people to save with low premiums, tax-free earnings and reduced taxes. You only need one of the high-deductible health insurance plans that are qualified to work in combination with an HSA. How much money you make or how you earn money doesn't matter.
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Posted by Wiley Long at 11:59 PM | Comments (0)
July 02, 2011
Cap Health Savings Account Premium Hikes With A Multi-year Contract
Year after year, employers providing health insurance plans to their employees have been hit with double-digit premium increases. Insurers are now offering new Health Savings Account (HSA) plans that cap premium increases at guaranteed low rates. The catch, however, is that buyers must agree to a multi-year contract and employees absorb increases in deductibles.
Health Savings Accounts have become a popular strategy to keep premiums low in the face of continually rising premiums and health care costs. Typically, the plans with the highest deductibles offer the lowest monthly premiums.
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Posted by Wiley Long at 04:52 AM | Comments (0)
June 28, 2011
Will Health Savings Account Plans Still Be Here In 2014?
According to America's Health Insurance Plans, enrollment in Health Savings Account (HSA) plans have increased by 14 percent this year. The numbers show that approximately 11.4 million people are using an HSA plan. People are combining their high-deductible health plan with an HSA to reduce their premiums by as much as 40 percent.
Is the Affordable Care Act, with more changes to come in 2014, going to change HSA plans? There were a couple of small changes that have already gone into effect, but no major changes are expected.
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Posted by Wiley Long at 08:20 AM | Comments (0)
June 25, 2011
A Health Savings Account Provision That You Should Know
By 2014, most U.S. citizens will be required to maintain minimum health insurance coverage. Possibly due to this, Health Savings Account (HSA) enrollment is continuing to grow in demand. However, there are minor provisions that you need to know about Health Savings Accounts that the Affordable Care Act addresses.
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Posted by Wiley Long at 11:57 PM | Comments (0)
June 21, 2011
What Links Health Savings Accounts And High-deductible Plans?
If you want to take advantage of the benefits that Health Savings Accounts offer, you need to have a qualified high-deductible health plan. For singles, you need to have a deductible between $1,200 and $5,950. For those who have a family, your deductible should be between $2,400 and $11,900. Not every plan in that deductible range allows you to set up a Health Savings Account (HSA), though.
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Posted by Wiley Long at 08:05 AM | Comments (0)
June 17, 2011
Who Needs A Health Savings Account?
With the rising cost of health care, who wouldn’t want to cut down their health insurance premiums? That is why a lot of people are switching to high-deductible insurance plans and combining them with a Health Savings Account. The high-deductible insurance plans that are combined with an Health Savings Account typically cost less in monthly premiums than full-coverage plans. People with a health savings account have been able to reduce their premiums by as much as 40 percent, but that's not all an Health Savings Account can do.
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Posted by Wiley Long at 08:47 AM | Comments (0)
June 13, 2011
Health Savings Accounts Used By More U.S. Citizens
U.S. citizens are relying more on Health Savings Accounts, according to a new report from J.P. Morgan Treasury Services. Their Health Savings Account (HSA) Program Snapshot portrays usage patterns and trends.
J.P. Morgan manages more than 700,000 Health Savings Accounts with a combined total exceeding $1.1 billion. Their new report indicates that U.S. citizens are increasingly leveraging Health Savings Accounts to use pre-tax dollars for current medical expenses, as well as investing to pay for future health costs.
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Posted by Wiley Long at 12:27 PM | Comments (0)
June 08, 2011
How Can Health Savings Accounts Help Build Your Retirement Savings?
Compared to a flexible spending account, having a Health Savings Account or an HSA plan can help build your retirement fund and decrease your taxes. Much like a IRA, the money you place in your Health Savings Account grows fast with tax-free interest.
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Posted by Wiley Long at 08:48 AM | Comments (0)
June 02, 2011
An HSA Can Be Just What Small Business Owners Need
Over the past six years, health insurance premiums have significantly risen by at least 87 percent. This is not only the problem of small business owners, but of all Americans who are paying for their health insurance every year. According to insurance companies, premiums are on the rise due to the constant increase of health care costs.
Such an increase is a major problem because business owners need to pass this burden on to employees. Sometimes, it may also mean dropping the benefit entirely. A Health Savings Account or HSA can just be what small business owners need to solve this problem.
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Posted by Wiley Long at 12:39 AM | Comments (0)
May 30, 2011
Wisconsin Gives Health Savings Accounts State Tax Deduction Status
Health Savings Accounts are attractive because contributions to these accounts are tax deductible on federal income tax returns. The choice of making Health Savings Account (HSA) deposits deductible on state tax forms is left up to each state. Almost all states have chosen to follow the federal example on this and Wisconsin is the latest state to adopt that legislation beginning with the 2011 tax year.
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Posted by Wiley Long at 12:05 PM | Comments (0)
May 25, 2011
Are Health Savings Accounts Linked To Employment?
Unlike a flexible spending account, Health Savings Accounts are independent of employment. Meaning that a Health Savings Account (HSA) is yours to keep whether you become unemployed or not. Even if your employer does not offer an HSA plan, you can start one on your own. Simply purchase an HSA-qualified high-deductible health plan and you’re ready to open your own HSA.
Getting an HSA plan is beneficial because the money you place in your health savings account earns interest tax-free. You get to use the money in your HSA for future qualified medical expenses.
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Posted by Wiley Long at 04:17 AM | Comments (0)
May 22, 2011
A Health Savings Account Can Help Lower Your Taxes
If you want to cut down the taxes you are paying, why not combine a qualified high-deductible health insurance plan with a Health Savings Account (HSA)? If your health is good, switching to a high-deductible HSA plan can help you save 30 to 40 percent in premiums compared to a co-pay plan.
Another advantage of an HSA is that it can lower your federal tax as well as your state income tax in almost all states. Most health care costs are considered tax deductible when paid for from an HSA. You're allowed to take a tax deduction for all qualified health care expenses even if you don't itemize on your tax returns.
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Posted by Wiley Long at 04:16 AM | Comments (0)
May 19, 2011
Get A Health Savings Account Before It’s Too Late
Healthy as we may seem today, we never know when illness can strike. Would switching from a full-coverage plan to a high-deductible health plan with a health savings account (HSA) be a wise decision to make? What if you need to meet a high deductible? You may be surprised to find that when you add up how much you can save on premiums and by reducing your taxes, it could actually cost less even if you do have to pay for health care until a high deductible has been met.
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Posted by Wiley Long at 08:40 AM | Comments (0)
May 16, 2011
Health Savings Accounts May Increase With Health Care Reform
Health Savings Accounts may start growing at a faster rate when most U.S. citizens are required to maintain minimum health insurance coverage. However, the Patient Protection and Affordable Care Act only directly addresses Health Savings Accounts with a couple of minor provisions.
Health Savings Accounts can only be combined with certain qualified high-deductible (and often low-premium) individual health insurance plans. Paul Fronstin, director at the Employee Benefit Research Institute (EBRI) says, "It's the only triple tax-advantaged plan out there." In addition to low premiums, Health Savings Accounts offer tax-free earnings and tax deductions.
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Posted by Wiley Long at 11:49 AM | Comments (0)
May 13, 2011
Health Savings Accounts Make Their Case
Proponents say that only Health Savings Accounts separate health care from insurance. For example, say you have family coverage through work that costs the employer $12,000 annually. If your employer pays for all the premiums and you have $25 co-pays to see a doctor, your expense is limited.
In contrast, if your employer still spends $12,000 a year, but puts $5,000 of it into a Health Savings Account (HSA) in your name, $5,000 of your health care benefit is now legally yours. Instead of a co-pay plan, your employer must buy a High-deductible Health Plan that's qualified to work with an HSA.
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Posted by Wiley Long at 09:50 AM | Comments (0)
May 10, 2011
What Do Health Savings Account Plans Mean For Preventive Care?
The American Journal of Managed Care published the largest assessment of Health Savings Account plans to date. The new RAND Corporation study showed that Health Savings Account plans significantly cut health spending and motivated patients to cut back on preventive health care.
With more than 800,000 families around the country participating, researchers found that shifting to Health Savings Account plans with deductibles of at least $1,000 correlated with an average drop in health spending of 14 percent compared to families who had health plans with lower deductibles.
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Posted by Wiley Long at 02:48 PM | Comments (0)
May 07, 2011
A Health Savings Account Could Be Your Best Tax Tip Ever
Since 2004, the number of people getting Health Savings Accounts has been constantly increasing. This special kind of account helps you grow your money tax free. You can use the funds for qualified health care expenses or let the money continue to grow. The remaining balance will be rolled over to the next year and is yours to keep whether you are employed, looking for work or retired.
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Posted by Wiley Long at 04:47 AM | Comments (0)
