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?

That’s because the high-deductible health insurance plans used with Health Savings Accounts have lower monthly premiums, contributions to a HSA are tax-free (contributions are not included in gross income), and withdrawals from a HSA to pay for qualified medical expenses are also tax-free.

It’s easy to compare HSA plans and apply online on our website. However, we also understand how Health Savings Accounts work, how much you can deposit, and how you can take advantage of tax savings. We’ll explain your options, and help you find the best plan to meet your needs when you call us at 866-749-2039.

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.

You can find out more about Health Savings Accounts and apply online at http://www.health--savings--accounts.com.

Have any HSA related questions? Experts who have worked with Health Savings Accounts for years will answer your questions at no cost at 866-749-2039. You can join the hundreds of thousands of people who put their trust in Health Savings Accounts last year alone instead of waiting for government action.

A Health Savings Account is often abbreviated as "HSA", but it's typically called a health IRA in the financial industry. That's because a HSA works much like an IRA (Individual Retirement Account). When you set up a free HSA, you buy a High Deductible Health Insurance policy. If the deductible is $1,200, you pay the first $1,200 in medical costs before your insurance begins to cover charges.

In addition to lower monthly premiums, you’ll also get tax breaks. You can contribute a certain amount of money each year to your Health Savings Account just in case you have health-related expenses not covered by your insurance. If you need to pay for medical charges before your deductible is met, you’re covered with your HSA. If you don’t have expenses, you keep the money instead of paying it to an insurance company through higher monthly premiums.

In 2010, individuals can contribute $3,050, and families can contribute $6,150 to an HSA. Contributions can be made with pre-tax dollars through your employer, or you can take a tax deduction if you do pay for medical expenses with post-tax dollars. Anything you have left over at yearend rolls over to the next year. Year after year, your HSA balance keeps earning tax-free interest just like an IRA. When you retire, your HSA balance can be withdrawn like an IRA. You win whether you do or don’t have medical expenses.

That’s why the second largest bank in the U.S. added 115,000 new Health Savings Accounts last year, and those HSA owners deposited $220 million into their accounts with that one bank. That brought the total number of Health Savings Accounts at a single bank to 500,000 accounts holding a combined balance of $740 million. It’s easy to learn more about Health Savings Accounts and apply online at www.health--savings--accounts.com, but experts with years of experience with these HSA accounts will answer your questions at no cost when you call us at 866-749-2039. As with any retirement account, the sooner you act, the more you’ll save.

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."

A Health Savings Account is yours to keep if you lose your job, change jobs, or retire. Your HSA will still be there for you to pay medical expenses whether you have a job or are unemployed. Your HSA can act like a "safety net" while you’re looking for work, or during those common 90-day trials on new jobs before benefits begin. All the while, your HSA balance grows with tax-free interest just like an Individual Retirement Account (IRA). Remember that Flexible Spending Accounts do not earn interest. Find out how a Health Savings Account can save you money at www.health--savings--accounts.com, or call our experts at 866-749-2039. They’ll answer your questions at no charge.

With a Health Savings Account (HSA), you choose the types of investments you want to make your money grow. All unused funds left in your account at yearend will be carried over to the coming year - with no limit. An employer may contribute to your account, but you take your HSA with you if you change jobs, are unemployed, retire, or decide to change plans. That’s an important advantage with today’s high unemployment. Certain banks, including Chase, allow you to transfer funds from your checking or savings into your HSA through a secure website, and pay medical expenses online from your HSA.

To take advantage of these HSA plans, you need High Deductible Health Insurance that works with a HSA. These high-deductible plans typically have deductibles between $1,200 and $5,950 for individuals, or $2,400 and $11,900 for families. Best of all, they also usually have lower monthly premiums. It’s easy to compare HSA plans and apply online at our website, but experts who have worked with these plans for years are available, too. When you call us at 866-749-2039, one of our HSA advisors can answer your questions, and help you select the best HSA options for your situation.

To take advantage of these Health Savings Account benefits, you need High Deductible Health Insurance that works with an HSA. These high-deductible HSA plans typically have deductibles between $1,200 and $5,950 for individuals, or $2,400 and $11,900 for families. Best of all, High Deductible Health Insurance usually has lower monthly premiums.

It’s easy to compare HSA plans and apply online, but our experts who have worked with these plans for years are also available to help you compare plans. When you call us at 866-749-2039, one of our HSA advisors can answer your questions, and help you select the best HSA options for your situation. The sooner you act, the more you'll save.

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.

Withdrawals from your Health Savings Account used to pay for qualified medical expenses are also tax-free, and can be used for any healthcare related expenses, including health insurance co-pays and non-prescription medications. If you don’t spend the money you contribute to a Flexible Spending Account each year, you lose it at the end of the year. With Health Savings Accounts, all unused funds and interest are carried over from year to year.

At HSAforAmerica, we understand how HSA plans work, how much you can deposit, and how you can take advantage of these tax savings. We’ll explain your options, and help you find the best HSA plan to meet your needs with Health Savings Accounts.

How is that possible?

An HSA gives you more control over your expenses. It’s your to keep even if you can’t find work. It will grow faster because it earns tax-free interest even if you’re in a high tax bracket. You can’t lose it if you lose a job, change jobs, or retire. If you don’t need it to pay for medical expenses, it’s there for you when you retire much like an IRA. You can find out more about Health Savings Accounts and apply online at our website.

Have questions? Experts who have worked with these accounts for years will answer your questions at no cost at 866-749-2039. You can join the hundreds of thousands of people who have put their trust in an HSA last year alone.

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.

1. First, select a high-deductible HSA insurance plan that you will use with your Health Savings Account. This high-deductible health insurance plan should be a Health Savings Account-qualifying plan, so be sure to check with your health insurance provider to ensure that the account qualifies for Health Savings Account participation.

The good news about these high-deductible health insurance plans is that the monthly premiums for participation are generally far less than the monthly premiums for traditional health insurance plans. As a result, participants are able to save money each month. With the recent health insurance plan rate increases, having a low cost health insurance plan is one of the best ways to protect your budget from becoming strained by health care expenses. In fact, rate increases for traditional health insurance plans was between 9.6 and 10 percent, depending on the plan. Rate increases for Health Savings Account health insurance plans was only about 3.4%.

Moreover, according to Blue Cross Blue Shield of Texas, HSA insurance plan members spent 8% less than Blue Cross Blue Shield traditional insurance clients.

One of the reasons that HSA insurance plans are so effective at helping people manage their expenses is because Health Savings Accounts are consumer-directed and managed. As such, participants are in control of where they spend their healthcare dollars, which causes them to question their medical expenses and pay better attention to their health, in many cases. By being in more control of their healthcare expenses, many people take more time to focus on natural ways to maintain better health, such as weight loss measures, vitamins, and proper nutrition.

2. Funding your HSA will result in a tax deduction that is equal to the amount of money that you deposit into your Health Savings Account. Therefore, you will not only save money off of the lower cost of the monthly health insurance premiums, but you will also pay fewer in taxes each year. There are maximum contribution limits for Health Savings Account and these limits change every year. The maximum limit is determined based on the type of account, such as an individual account or family account.

3. HSA owners also have more options if they want to change insurance companies. As long as HSA participants stay healthy, they should be able to qualify for health insurance coverage with other companies, which ensures that health insurance companies will continue to compete with one another by offering the lowest possible rates on high deductible health insurance plans. By staying healthy, you’ll have more options if the insurance plan rates increase out of your budget.

Health Savings Account participants should be sure that they pay careful attention to their options when it comes to wellness and disease prevention so that they can stay healthy longer. By staying healthy the natural way, individuals will have an easier time qualifying for health insurance plans with low rates – and they will spend less money out-of-pocket or from their Health Savings Accounts on their healthcare.

Here are a few tips for ways that individuals can stay healthy and reduce their long term health care costs:

• Make about 35% of your daily calorie intake from fruits and vegetables. By eating plenty of fruits and vegetables, you can help to avoid developing diabetes, hypertension, heart disease, and cancer.

• Limit sugar and starchy carbohydrate consumption, including white pasta, candy, and potatoes. These high-starch foods can be hard on the metabolic systems of the body – especially amongst people who have difficulties with their insulin.

• Get plenty of exercise, including weight-lifting exercise.

• Review your health insurance plan options at least once a year to ensure that you are getting the best plan for your needs and budget.

You may also want to consult with a qualified HSA advisor to make sure that you have all of the information you need to make a wise decision for your health, budget, and lifestyle. An HSA advisor can also help you find the right high-deductible Health Savings Account for your needs.

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.

“Specifically, it would establish that individuals or businesses would be able to put money in an account and have the principal and interest shielded from state income tax,” said Canfield. “It gives the ability for small and medium businesses to reduce costs for medical benefits and those (companies) not providing it a chance to do so. It would also expand medical insurance in Alabama for individuals who are not able to afford it by setting aside money on a tax-shielded basis.”

If the bill is passed, individual account-holders in Alabama could contribute a tax-free$1,500-$2,250 to their Health Savings Accounts per year. Families can contribute $3,000-$4,500 tax-free. These funds would be earmarked to pay for qualifying medical expenses, but can be withdrawn to pay for any expenses. Along with the Health Savings Accounts, participants will need to enroll in high-deductible health insurance plans in order to qualify. Canfield noted that the savings for a family of four that participates in a HSA plan could be between $125 and $275 per year, but varies based on the amount of the annual contribution.

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.

Here’s what you need to know before enrolling in an HSA plan:

* A Health Savings Account is a savings account that is similar to an IRA in that participants can deposit money into the Health Savings Account that they can then invest into high interest-yielding vehicles, such as stocks and bonds.

* Some employers who offer Health Savings Accounts match the contributions that employees make, or add their own money to the employee’s Health Savings Account.

* Contributions made to a Health Savings Account are tax-free and can sometimes come pre-tax, depending upon how an employer sets up a Health Savings Account.

* There are maximum contribution limits each year. In 2010, the limit is $3,050 for an individual and $6,150 for a family. These amounts include an employer’s contribution, if applicable. Also, account-holders age 55 and older also may make annual catch-up contributions of $1,000.

* Savings from the Health Savings Account grows tax-deferred. As long as withdrawals are used to pay for qualifying medical expenses, the withdrawal is tax-free. However, if the withdrawal is used to pay for a non-qualifying medical expense, then the withdrawal is taxed only upon the withdrawal.

* The Aetna HSA program comes with a Visa Debit Card that you can use to pay for qualifying health care expenses after your Health Savings Account is established. This account also lets you track your activity online anytime.

* Many people choose to pay for their medical expenses out of pocket to avoid withdrawing money from their Health Savings Accounts.

Many employees who have the option of enrolling in a Health Savings Account through their employer can not only build their savings and grow their wealth, but they can also get more control over their health care expenses and health care coverage.

The High Deductible Part of the Plan

Along with the Health Savings Account, participants need to have a high deductible health insurance plan that meets the Health Savings Account qualifications. There are IRS requirements for the type of Health Savings Account health insurance accounts that qualify for coverage:

* In 2010, for each individual, the deductible for the Aetna Health Savings Account is $1,200 for in-network or $2,400 for out-of-network health care coverage.

* In 2010, for family coverage, the deductible is $2,400 in-network or $4,800 out-of-network coverage.

With the Aetna HSA plan, the deductible may be waived for some healthcare expenses that the IRS considers to be preventive or wellness visits, as well as for a short list of prescription drugs. Also, some preventative care treatments are covered without the deductible requirement.

Once the deductible is met for a Health Savings Account health insurance plan, the health insurance provider will cover all remaining healthcare expenses for that year with a cost-sharing arrangement.

Prescription Drug Coverage and the Health Savings Account Plan

Medco, Aetna’s pharmacy benefit management company, has developed a list of prescription drugs that the IRS considers to be preventative. These medications are not subject to the deductible before they are covered. For drugs on the preventive list, Aetna Health Savings Account plan members will only need to pay the applicable copay for the medications.

If the IRS determines that a healthcare service or product does not meet their definition of preventative care, they may be subject to the deductible requirement.

An HSA plan may be right for you if you:

* Are able to afford the maximum annual health insurance deductible limit.

* Can set aside funds to use to cover future healthcare expenses.

Contact a qualified Health Savings Account advisor to learn more about Health Savings Accounts and to find the right Health Savings Account option for you and your family.

Health Savings Accounts have grown steadily in popularity since they were first created in 2003. The primary role of Health Savings Accounts is to provide participants with health insurance protection in the event that they have a catastrophic illness or injury. Health Savings Accounts are used in conjunction with high-deductible health insurance plans that have low monthly premiums that are affordable for just about anyone.

In addition to the low-cost HSA insurance plan that is associated with the Health Savings Accounts, participants establish specific Health Savings Accounts, which are savings accounts, in a sense. These savings accounts are similar to an IRA, in that the funds that a participant deposits into the savings account can be invested into high interest-yielding stocks, bonds, and other investments to help grow the savings amount. Moreover, the funds that a person deposits into a Health Savings Account are tax-deductible, which means that those funds will reduce the person’s annual tax burden.

Some individuals who have Health Savings Accounts are able to save thousands of dollars each year as a result of their participation. Here are some of the ways that Health Savings Accounts can help participants to save money:

* Contributions to a Health Savings Account are tax deductable

* Funds withdrawn from Health Savings Accounts for qualified healthcare expenses are tax-free

* Investment earnings from the funds in the Health Savings Accounts are tax-free

* Participants keep the funds from their Health Savings Account even if they move, change jobs, become unemployed, change marital status, or change health insurance policies

* Participants are in control the amount of money saved in the Health Savings Accounts, including deciding when to use those funds for expenses, and how to invest the money

* Funds can be set aside and continue to grow to use for future medical needs

* Both individuals and employers can make contributions to Health Savings Accounts

HSA Administrators (Banks, credit unions, and other financial institutions) can help Health Savings Account participants set up their accounts. However, in order to qualify for participation in a Health Savings Accounts, participants should meet the following criteria:

* They must be enrolled in a qualifying high-deductible HSA health insurance plan

* They can only be covered under one health insurance plan

* They must not be listed as a dependant on a tax form

* Participants cannot have Medicare coverage

Contact us today for more information about how Health Savings Accounts can help to save you and your family a significant amount of money each year while ensuring that you receive the best possible health care coverage for your needs.

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?

Getting sick is a normal occurrence in today’s society. Whether you, a friend, or relatively develops a simple cold or something more serious, such as cancer, all illnesses need to be addressed in some way. Often, illnesses can lead to large medical bills, in addition to time away from work and family.

However, the current health insurance model tends to be focused on treating illnesses rather than illness prevention, even with illnesses being as common as they are in this country. You may have already noticed that health insurance plans generally covers drug, surgeries, hospital stays, diagnostic tests and a variety of other health care services.

But just how much wellness and disease prevention do most healthcare plans cover? Not many insurance plans cover nutritional counseling, heavy metal detoxification, acupuncture, yoga, chelation therapy or other preventive services? The question remains: with so much focus on treating illness rather than preventing it, how can Americans get the health insurance support they need to stay healthy – without having to pay a lot of money for preventative services out-of-pocket?

A Health Savings Account is one of the best illness prevention health insurance tools that Americans can use to prevent the onset of illness and to stay healthy. In fact, Health Savings Accounts are becoming so popular that many individuals and families are dropping their current health insurance coverage plans in order to enroll in HSA plans. And, in doing so, they are often able to save a significant amount of money each year – up to thousands of dollars!

A Health Savings Account is a tax-deductible savings account that acts like an IRA. Along with the Health Savings Account, participants enroll in high-deductible health insurance accounts that have low monthly premiums. Members use the funds from their Health Savings Accounts to pay for their medical expenses, including preventative medical services and other qualifying health care items.

With Health Savings Accounts, participants are able to have more control over where they spend their healthcare dollars. Moreover, because Health Savings Accounts act like IRAs, participants can place the funds from their Health Savings Accounts into high interest-yielding savings accounts, like stocks, bonds, and otherwise. These high-interest yielding investments can help them grow their wealth and savings while setting aside money to use for future healthcare expenses.

With the launch of the Health Savings Account program, Americans can now have more control over their healthcare expenditures and have a better time controlling their health and wellness activities. Contact us today for more information about Health Savings Accounts and how they might help your family save money and get better healthcare coverage for your specific healthcare needs.

But there’s more: Health Savings Accounts are tax-free, which means that the interest earned from investments is not taxed when the funds are used to pay for healthcare expenses. Moreover, funds deposited into Health Savings Accounts are tax-deductible, which reduces participants’ annual tax burdens.

Unlike flexible spending accounts, individuals who have Health Savings Accounts have greater control over the funds in their accounts – and these funds can be rolled over from year to year. Moreover, these Health Savings Account funds can be used to pay for anything healthcare related, including health insurance co-pays and even non-prescription medications.

Health Savings Account participants have a maximum contribution amount that they can make each year into their accounts. However, these contributions are completely tax-deductible. They can be opened through an employer who offers the Health Savings Account option or they can be opened by individuals independently of an employer program. If the Health Savings Account is opened through the employer, it may be possible for participants to have the employer deposit funds into the account pre-tax as well.

In order to establish a Health Savings Account, participants need to enroll in a high-deductible health insurance plan that comes with low monthly premiums. The funds from the Health Savings Account can cover any medical costs that are not covered by the high deductible health insurance plan.

In many cases, Health Savings Accounts can help to save participants thousands of dollars a year in health care costs. It is wise to speak with an experienced health insurance professional in order to learn more about Health Savings Accounts and to determine if Health Savings Accounts are the best option for you and your family. Contact us today for more information about Health Savings Accounts or to get started today.

But just how much money should Health Savings Account participants have when they retire in order to cover their health care expenses (expected and unexpected)? According to Fidelity Investments, in 2006, the average couple retiring will need $190,000 to be financially comfortable paying for their retirement medical expenses. This figure is based on the average life expectancy for people who retire at age 65, which is 15 years for men and 20 years for women.

Some financial advisors believe that Health Savings Accounts are more important for an individual’s retirement security than IRAs and even 401(k) accounts. Health Savings Accounts allow individuals to withdraw money from their savings to pay for any expense, including medical expenses, but not limited to medical expenses. When withdrawing money to pay for qualifying medical expenses, individuals will not pay taxes on the withdrawal. However, individuals only pay taxes when they withdraw money to pay for non-medical expenses. Therefore, Health Savings Accounts are versatile and tax-friendly savings accounts that provide account-holders with flexibility they can use to their advantages.

It’s also important to note that if you do have an IRA as a retirement savings account, the funds that you withdraw from you Health Savings Account will not affect your annual IRA limit.

The tax advantages of a Health Savings Account are also extremely beneficial to many participants and help to save them a significant amount of money each year, which reduces an individual’s annual tax burden. Individuals over the age of 55 can contribute catch-up money as well. The amount of the catch-up amount changes each year, but that catch-up limit is also tax-deductible. If a couple shares a Health Savings Account, the couple can establish the Health Savings Account in the older person’s name so that they can contribute a larger sum of money each year once the older person turns 55. In other words, I both participants do not have to be over the age of 55 in order to take advantage of the catch-up limit increase.

One of the many advantages of Health Savings Accounts is also that they are self-directed, which means that participants are able to control how much money they contribute to their accounts each year, where that money will be spent, and how that money will be invested while it is in the Health Savings Account. Therefore, Health Savings Accounts help individuals to stay in control of many aspects of their health care management more effectively.

How to Increase Your Health Savings Account Growth

There are three simple strategies that Health Savings Account participants can use to improve the growth within their Health Savings Accounts:

1: Invest the funds from the Health Savings Account into a mutual fund or stock that has a high-interest yield. As with any investment, there is a degree of risk involved, so make sure that you are comfortable with your investments and with the risks.

2: Keep your funds in your account for as long as you can. Of course, you can withdraw your Health Savings Account funds at any time to pay for qualifying medical expenses – and those withdrawals will not be taxed – but the longer you leave your money in a high-interest yielding vehicle, the greater the funds will grow.

3: Contribute as much as you can as early as you can in the year. You have until April 15 to make a Health Savings Account deposit in time for tax season. However, if you fund it early, your money will grow tax-free for a longer period of time than if you funded it later. By contributing to your Health Savings Account on January 1 of each year rather than April 15, you can earn more than $40,000 in interest over 20 years and over $100,000 in interest over 30 years.

Health Savings Accounts Can Provide You With Funds You Can Use to Pay for Medical Expenses During Retirement

Health Savings Account funds can be used to pay for Medicare expenses, including Medicare premiums, deductibles, copays, and coinsurance. Many Medicare beneficiaries are responsible for paying for their own nursing home expenses, unconventional terminal illness treatments, and proactive health screenings. The only exclusion from the qualifying Medicare expenses list is Medigap insurance; you cannot use Health Savings Account funds to pay for Medigap policies.

Health Savings Accounts can also be used to pay for health care expenses that you may have even if you pay for your healthcare through an employee retirement plan. Health Savings Account funds can even be used to pay for long-term care assistance, and has maximum annual limits that change every year.

If you are interested in establishing your own Health Savings Account now, you’re taking the first step towards financial freedom and independence. In order to get started, you’ll need to open a qualifying high-deductible health insurance policy that is compatible with HSA plans. Speak with an experiences Health Savings Account advisor to learn more about which health insurance plans may be best for your specific health care needs or for more information about how Health Savings Account plans can help you establish better financial freedom for yourself and your family.