Health Savings Account Blog http://www.health--savings--accounts.com/hsa-weblog/ Your Health Savings Account News and Information Source en Copyright 2012 Thu, 10 May 2012 10:40:56 -0500 http://www.movabletype.org/?v=3.17 http://blogs.law.harvard.edu/tech/rss How Health Savings Accounts Help Consumers To Get More As health care costs are on the rise, more and more employers are offering Health Savings Account (HSA) Plans to help employees control their health care expenses. An HSA Plan can help you build up savings that you can use to pay for healthcare expenses. Despite the growing number of people with Health Savings Accounts, many people are still confused about how to get the most benefit from them.

Think of an HSA like a bank account with numerous special advantages. The deposits you make are tax deductible. As long as you use the money to pay for HSA qualified health care expenses, withdrawals are not taxed.

]]> http://www.health--savings--accounts.com/hsa-weblog-arch/2012/05/get_the_most_fr.html http://www.health--savings--accounts.com/hsa-weblog-arch/2012/05/get_the_most_fr.html General HSA Info Thu, 10 May 2012 10:40:56 -0500 How Health Savings Account Contribution Rules Affect Employers According to federal regulators, employers contributing to employee Health Savings Accounts or Health Reimbursement Arrangements may not get full credit for the deposit if they run a key "actuarial value" test. That is part of health care reform.

That test begins in 2014. Plans must have an actuarial value of at least 60 percent. While regulators have yet to define a formula to determine that actuarial value, in general, the value would be the percentage of expected costs for benefits covered by the plan.

]]> http://www.health--savings--accounts.com/hsa-weblog-arch/2012/05/health_saving_a_1.html http://www.health--savings--accounts.com/hsa-weblog-arch/2012/05/health_saving_a_1.html HSA Government Info Sun, 06 May 2012 10:59:15 -0500 Why People Are Switching to Health Savings Accounts With the increase in health care costs that we see every year, it's no wonder that more and more people are switching from traditional to tax-advantaged Health Savings Account plans.

According to the latest Health Savings Account Program Snapshot Report by J.P. Morgan Treasury Services, the average Chase HSA balance ($1,547) is four percent higher than it was in 2010. This is the highest balance that's been recorded in the past seven years.

]]> http://www.health--savings--accounts.com/hsa-weblog-arch/2012/05/health_savings_188.html http://www.health--savings--accounts.com/hsa-weblog-arch/2012/05/health_savings_188.html General HSA Info Wed, 02 May 2012 10:13:55 -0500 J.P. Morgan Releases Third Annual Health Savings Account Report The results of J.P. Morgan's Treasury Services business third annual 2011 Health Savings Account Snapshot report have been announced. They are a full-service provider of cash management, trade finance, treasury solutions and escrow services.

The report provides a view of how Health Savings Accounts have been used by J.P. Morgan Chase HSA holders. Having a Health Savings Account (HSA) has been shown to help increase savings and pay for health care expenses.

]]> http://www.health--savings--accounts.com/hsa-weblog-arch/2012/04/press_release_f.html http://www.health--savings--accounts.com/hsa-weblog-arch/2012/04/press_release_f.html HSA Administrators Sun, 29 Apr 2012 10:41:16 -0500 Health Savings Accounts Hit Record Growth Recently, the Bank of America announced a record in Health Savings Accounts as they hit 34-percent growth in 2011. That’s 50,000 more accounts last year than seen in previous years. The growth is linked to increases in Health Savings Account (HSA) use among employees of existing company clients and new relationships built with individuals and employers.

Bank of America offers Health Savings Accounts, Health Reimbursement Arrangements and Flexible Spending Accounts. Nationwide, more than 600,000 individuals and more than 2,000 companies took advantage of these accounts via the BoA. Among these three types of plans, Health Savings Accounts are the fastest growing, with almost 200,000 accounts and more than $300 million in collective account balances.

]]> http://www.health--savings--accounts.com/hsa-weblog-arch/2012/04/bank_of_america_1.html http://www.health--savings--accounts.com/hsa-weblog-arch/2012/04/bank_of_america_1.html HSA Administrators Tue, 24 Apr 2012 11:18:36 -0500 Health Savings Account Merits Revisited As the debate over whether the Affordable Care Act enacted in 2010 is constitutional continues, it is not certain if all of the mandates will be implemented in 2014.

While waiting for the future of the health care reform law, why not take a closer look at Health Savings Accounts? If you’re having a hard time handling your medical costs, this may be a tax-smart option for you. Recent tax laws have greatly improved how Health Savings Accounts work. That is why we see a growth in HSA users every year.

]]> http://www.health--savings--accounts.com/hsa-weblog-arch/2012/04/re-examine_meri.html http://www.health--savings--accounts.com/hsa-weblog-arch/2012/04/re-examine_meri.html HSA Government Info Fri, 20 Apr 2012 10:53:55 -0500 How Health Savings Account Help With Taxes Ever since the Patient Protection and Affordable Care Act of the Obama administration in 2010 was enacted, the debate whether it is constitutional or not just doesn’t stop. We are not certain if all the provisions under the new health care reform law will be implemented by 2014 or none at all.

The future of health care in the United States is still uncertain. However, there are popular plans that will help secure your future. Have you heard of Health Savings Account (HSA) plans?

Health Savings Accounts Help With Health Care Expenses And Taxes!

]]> http://www.health--savings--accounts.com/hsa-weblog-arch/2012/04/megan_how_healt.html http://www.health--savings--accounts.com/hsa-weblog-arch/2012/04/megan_how_healt.html HSA Government Info Mon, 16 Apr 2012 07:09:11 -0500 Handling Health Savings Account Tax Forms One of the best ways to reduce the income tax you pay is with a Health Savings Account (HSA). These accounts provide tax deductions, immediate tax-free withdrawals for qualified health care for you and your family, as well as tax-deferred earnings on your savings.

For the 2011 tax year, you have until April 16, 2012 to make your HSA deductible contribution (April 15 falls on a Sunday). You can make your contribution even if you are no longer eligible so long as you are making the contribution for when you were eligible (assuming you do so before April 15 or your applicable tax filing due date).

]]> http://www.health--savings--accounts.com/hsa-weblog-arch/2012/04/how_to_handle_h.html http://www.health--savings--accounts.com/hsa-weblog-arch/2012/04/how_to_handle_h.html HSA Government Info Thu, 12 Apr 2012 12:23:44 -0500 Understanding Health Reimbursement Arrangements A Health Reimbursement Account (HRA), also known as a health reimbursement arrangement, is an IRS approved, tax advantaged, health benefit plan that reimburses employees for out of pocket medical expenses and individual health insurance premiums. Let me just clarify that an HRA is not health insurance. HRAs allow the employer to make contributions to an employee's account and provide reimbursement for eligible health care expenses. This is an excellent way to supplement health insurance benefits and allow employees to pay for a wide range of medical expenses not covered by insurance.

]]> http://www.health--savings--accounts.com/hsa-weblog-arch/2012/04/what_is_a_healt.html http://www.health--savings--accounts.com/hsa-weblog-arch/2012/04/what_is_a_healt.html HSA Business Sun, 08 Apr 2012 11:00:18 -0500 HSA Assets Surpass $12.4 Billion According to a survey by Devenir, an investment company that specializes in providing investment options for Health Savings Accounts, these accounts surpassed $12.4 billion in more than 6.8 million accounts in 2011.

The data was collected in January 2012 and it came from the top 50 HSA providers. According to Eric Remjeske, President and Co-Founder of Devenir, “We continue to see strong growth in the HSA marketplace as well as steady increases in average balances.”

]]> http://www.health--savings--accounts.com/hsa-weblog-arch/2012/04/health_savings_186.html http://www.health--savings--accounts.com/hsa-weblog-arch/2012/04/health_savings_186.html General HSA Info Wed, 04 Apr 2012 11:10:09 -0500 Will Health Savings Accounts Reach Idaho State Workers? If people are more proactive when it comes to making health care decisions, it will help bring down the cost of health insurance premiums. This is what Rep. Steve Thayn, R-Emmett, believes in and that’s what he plans to do.

Thayn created a bill that will allow the Idaho Department of Administration to offer Health Savings Accounts to state workers. He recently presented the bill in the House Commerce and Human Resources Committee although he admits that it still needs a lot of work. Panel members wanted the bill to be clearer.

]]> http://www.health--savings--accounts.com/hsa-weblog-arch/2012/03/plan_to_give_id.html http://www.health--savings--accounts.com/hsa-weblog-arch/2012/03/plan_to_give_id.html HSA Government Info Wed, 28 Mar 2012 11:08:12 -0500 Health Savings Account And Health Reimbursement Arrangement Growth In 2001, employers started offering account-based health insurance plans known as Health Reimbursement Arrangements. These are employer-funded health plans that reimburse the qualified health care costs of employees.

When Health Savings Account Plans were introduced in 2004, employers also started using this option for employees. HSA plans are tax-advantaged accounts where you can use the funds to pay for qualified medical care. According to Paul Fronstin of the Employee Benefit research Institute, HSA plans can even be used as retirement accounts.

]]> http://www.health--savings--accounts.com/hsa-weblog-arch/2012/03/how_health_savi_2.html http://www.health--savings--accounts.com/hsa-weblog-arch/2012/03/how_health_savi_2.html HSA Government Info Sat, 24 Mar 2012 11:01:12 -0500 How Health Savings Accounts Boost Health Care And Tax Savings Health Savings Account plan holders have until April 17, 2012 to make a full contribution to their Health Savings Accounts. Since contributions are tax deductible, this will significantly reduce yuor taxes by thousands of dollars.

The maximum 2011 Health Savings Account (HSA) contribution is $3,050 for individuals and $6,150 for families. An additional $1,000 catch-up contribution can be made for individuals who are 55 or older. In 2012, tax-deductible HSA contributions have been raised by the IRS to $3,100 for individuals and $6,250 for families.

]]> http://www.health--savings--accounts.com/hsa-weblog-arch/2012/03/health_savings_187.html http://www.health--savings--accounts.com/hsa-weblog-arch/2012/03/health_savings_187.html HSA Government Info Tue, 20 Mar 2012 11:16:53 -0500 Health Savings Accounts Tax Advantages Health Savings Accounts (HSA) are tax-advantaged accounts that a taxpayer can set up with a qualified HSA trustee (usually a bank or an insurance company) to pay or reimburse qualified healthcare expenses. The only condition to be able to start an HSA is that you must have a high deductible health plan (HDHP) that is compatible to work with an HSA. You don’t need other permission or authorization from the IRS to set up an HSA.

As of 2012, the deductible that the IRS had set to be able to establish an HSA is between $1,200 and $5,950 for individual plans or between $2,400 and $11,900 for family plans.

]]> http://www.health--savings--accounts.com/hsa-weblog-arch/2012/03/tax_benefits_of.html http://www.health--savings--accounts.com/hsa-weblog-arch/2012/03/tax_benefits_of.html HSA Business Fri, 16 Mar 2012 11:15:49 -0500 What Will Health Savings Account Be Like This 2012? There’s been a lot of speculation about whether Health Savings Health Savings Accounts will retain the popularity they’ve enjoyed once health care reform reshapes how we get health care. Despite a couple of changes, these accounts have remained largely the same as they were pre-reform.

The penalty for spending Health Savings Account (HSA) funds on something other than qualified health care before you turn 65 was doubled. In addition, over-the-counter medicines were removed from the list of qualified expenses unless a doctor prescribes them. Besides the regular annual change in contribution limits, everything else remains the same.

]]> http://www.health--savings--accounts.com/hsa-weblog-arch/2012/03/megan_what_will.html http://www.health--savings--accounts.com/hsa-weblog-arch/2012/03/megan_what_will.html General HSA Info Mon, 12 Mar 2012 09:18:23 -0500