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Health Savings
Accounts (HSA)
President Bush said, “HSAs are amazing.”
He also said, “HSAs have tax free deposits, growth and withdrawals.”
Save101.com’s tax free HSA is free, online and consumer friendly. Federal law
requires that you must have qualifying health insurance to open your HSA. People
usually get HSA insurance because it costs less than what they are currently
spending. The average cost for employer-based family health insurance is over
$1,000 per month. Families on COBRA are paying that much or more. In
contrast,
many families have HSA insurance for less than $200 a month. The maximum HSA
deposit in 2009 is $3,000 for a single and $5,950 for a family. If you are over
55 you may deposit $1,000 extra each year. It’s a smart move to save premium,
eliminate taxes and build wealth.
Usually our clients choose the same insurance plan because there is only
One Decreasing
Deductible for the whole family. If you are healthy and don’t hit the deductible
it decreases by 10% every 6 months on July 1st
and January 1st of each year. Clients that
enroll by 11/1/2009 will have their deductible go down 10% on
1/1/2010. The
smallest that the deductibles will drop to is $1,500 for a single and $3,000 for
a family. If the deductible is hit the insurance will pay 100% of covered
charges for the rest of the year. Covered charges include inpatient, outpatient
and prescription drugs. The insurance pays 1st
dollar coverage for annual physicals up to $500 per year, per person, before the
deductible is met.
Save101.com
enrolled America's first tax-free MSA (now HSA) with TIME Insurance Company. TIME is America’s oldest
health insurance company. TIME is the only insurance that we are aware of that
offers a Dependent Conversion Privilege at standard rates. When other companies
say that children can remain covered until they are 24 (if they are full time
students), be careful. If your child is diagnosed with MS at the age of 22 you
want insurance that they can keep on their 24th
birthday and have the ability to move coast to coast.
When
you enroll you will receive your health insurance card and your HSA checkbook
and VISA debit card. You now have the choice of paying your insurance
deductible, vision and dental expenses with pre-tax dollars with your HSA. You
are never required to make any deposits into your HSA. If you do run these
expenses through your HSA your tax refund will be larger on April 15th.
We recommend that you maximize your HSA deposit each year for the largest tax
savings and the largest possible balance at retirement. HSA balances dedicated
to retirement health care expenses are never taxed. Money that is never taxed
will last longer. HSA funds receive a competitive interest rate or you have the
option of mutual funds for the possibility of a higher return.
HSAs and
Employers
There is no payroll tax on employer HSA deposits. Many small business owners
have their company make the HSA deposit into their own account. It’s
compensation without taxation. Employers may also make
deposits into their employees’ HSAs if they have qualifying insurance. The
employee pays for the low cost insurance and the employer makes the HSA deposit.
The employer decides how large the HSA deposit is for employees. Employers never
get a letter from an insurance company that says your HSA deposits are going up.
If the employee quits or is laid off they can keep their HSA health insurance
because it’s totally portable. It’s smart when employers and employees band
together and cut the government out.
HSA
Insurance and Rate Increases
Do you hate rate
increases on health insurance? Choose a plan with a
24 Month Rate Guarantee. HSA
insurance also offers you HealthyDiscount, which rewards you for maintaining
your good health by providing 10% off your renewal rates.
Don’t pay $1,000 a
month for health insurance, that’s crazy. Many families have HSA insurance for
$200 a month, then they grow their savings in a tax free HSA.
Save premium,
eliminate taxes, build wealth and become empowered at Save101.com. Medical
underwriting is required.
Managed Care Beware
(60 seconds)
HSA Online Quote
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