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Health Savings Accounts
To qualify you must be under
the age of 65.
Only the uninsured pay full price. Being uninsured
for medical care is an unacceptable situation. It is not uncommon for hospitals
and medical providers to charge uninsured patients 20% to 300% more for a
service or supply than patients with health insurance. A $15,000 medical bill
[the prenegotiated discount required by your PPO or HMO if you have insurance]
can become a $45,000 expense for those without health insurance. The solution?
Low cost high deductible health insurance. Limit your liability to $5,000
rather than $45,000 or more with a serious illness with HSA Qualifying health
insurance with a $5,000 deductible combined with a tax free HSA.
HOW IT WORKS
Pay the lowest premium possible by purchasing a
high deductible health plan and opening a Health Savings account. When your
health insurance policy arrives you will have a checkbook and an HSA debit card
from a bank. HSA balance information is online and consumer friendly. Then,
when and if you have a medical expense, pay the bill with pre tax dollars from
you HSA.
 All
personal HSA deposits are an adjustment to gross income above the line on
your IRS 1040. There is no payroll tax on HSA deposits made by your employer if
you are a W-2 employee. HSA funds may be saved or spent on medical, vision or
dental expenses. There is no minimum that must be deposited into an HSA each
year, but there is a maximum. The maximum an individual can deposit is $2,850
(In 2007). HSA deposits can increase annually by the Consumer Price Index
(CPI). An additional "Catch-Up" deposit of $800 [in 2007] may be made if you are
55 years of age or older. This Catch-Up amount increases to $900 in 2008 and
$1,000 in 2009 and thereafter. Family HSA qualifying health insurance is
coverage with at least one insured dependent. The maximum a family may deposit
into their HSA is $5,650 (In 2007).
Don't pay $1,000 a month for health insurance.
Many families have HSA qualifying health insurance for $200 a month then they
grow their savings in their tax free HSA. Saved HSA balances are can be
dedicated to retirement health care expenses. Money that is never taxed will
last longer in retirement. The best solution to the rising cost of health
insurance is to save premium, eliminate taxes and build wealth with a tax free
HSA.
HSA clients who have an effective date of
December 1st or earlier each year may deposit the full annual amount
into their tax free HSA beginning in 2007. If a new client with family
coverage enrolled in November 2007, they could make the entire $5,650 HSA
deposit and save on 2007 taxation. Then on January 1st 2008 they
could deposit another $5,650 for a total HSA balance of $11,300. You also have
the option to make a one time transfer from an IRA into your HSA.
Take charge of your future. Switch to America 's
oldest health insurance company and go tax free with an HSA now for the largest
possible HSA balance at retirement. It's time for your HSA.
Get a quote on HSA Qualify insurance.
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