(PRWEB)
October 31, 2005 -- HSA for America
has published Issue 6 of Maximize Your HSA.
“We
feel it is important to help our clients get the maximum value from their
health savings account,” says Wiley Long, President of HSA
for America. “Because HSA-qualified
health insurance plans have high deductibles, charges for doctor visits,
prescription drugs, and other medical expenses are typically paid for from
the health savings account. By knowing how to keep these expenses to
a minimum, and what expenses can be paid for from a health savings account,
an HSA owner can save hundreds or thousands of dollars.”
Maximize
Your HSA is published monthly, and distributed via email. Previous issues
have covered ways to keep health insurance premiums low, how to pay for dental
expenses from an HSA, and when over-the-counter medicines or nutritional supplements
can be paid for from an HSA. Subscriptions and past issues are available
on our HSA Newsletter page.
Health
Savings Accounts first became available in 2004. They enable individuals
to set up tax-favored accounts that can be used to pay for medical expenses
that are not covered by their health insurance. Individuals are eligible
for an HSA only if they have a qualifying high
deductible health insurance plan with an annual deductible of at least
$1,000 on individual plans, or $2,000 on family plans.
All deposits into an HSA are tax-deductible. Funds can be withdrawn
tax-free at any time to pay for medical expenses. Money not withdrawn
grows tax-deferred like an IRA, and can be withdrawn penalty-free after age
65.
These accounts have already proven to be a popular health insurance option.
By 2008, it is predicted that there will be over 6 million HSA accounts.
Analysts expect there to be $10 to $25 billion in these accounts by 2010.
“HSA
for America is pleased to offer this service to its members,”
says Wiley. “HSAs are still relatively new, and many accountants
and financial advisers are not very familiar with them. Since money
invested in an HSA can grow to be hundreds of thousands of dollars by the
time someone retires, it is important that HSA owners stay informed and educated.
About HSA for America:
HSA
for America is a nationwide brokerage firm specializing
in individual and family health insurance plans that are qualified to work
with health savings accounts. HSA for
America, which represents dozens of insurance companies, offers
instant quotes, online applications, and complete information on how health
savings plans work.
