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A Health
Savings Account (HSA),
also known as a Medical Savings
Account, is a tax-favored savings account combined with a qualifying high
deductible health insurance plan. By allowing you to deposit tax-deductible
funds into an account that you can use to cover medical costs, HSAs enable you
to take control of your own health care decisions. One of the key aspects
to health savings accounts is a system that is responsive primarily to individual
consumers, rather than to third-party payers. This concept is known as consumer
driven health care.First
you must have a high
deductible health insurance plan that qualifies to be partnered with an HSA.
A HSA health plan is available
through various insurance companies, depending in what part of the country you
live. The plans are all similar in the fact that they have deductibles between
$1,200 and $5,950 for singles, and between $2,400 and $11,900
for families. Once
your insurance policy has become effective, you may fund your Medical
Savings Account.A
Health Savings Account
can help you save money on both your insurance premiums, and your income taxes.
Because Health Savings Accounts must be paired with a high-deductible health insurance
plan (HDHP),
your health insurance premiums are normally much lower than a typical plan that
has a $500 deductible. And there is no other investment that offers
a tax deduction today along with a tax-deductible withdrawal tomorrow. The
savings from the lower premiums of an HSA along with the tax deductions could
be $5,000 or more every year.Health
Savings Accounts in the News
Zane Benefits Publishes History of Health Savings Accounts (HSAs)
Zane Benefits Publishes History of Health Savings Accounts (HSAs) In the 1980s and 1990s, Congress began discussing Medical Savings Accounts (MSAs) where any consumer could (1) pay for all medical expenses with tax-deductible dollars and (2) spend or save unlimited tax-advantaged amounts for current or future medical expenses. In 1996, Congress created the Archer Medical Savings Accounts ...
How Obamacare Will Make Health Savings Accounts More Costly
In February, the U.S. Department of Health and Human Services issued a "guidance bulletin" regarding the compatibility of health savings accounts with Obamacare's insurance regulations. According to HSA expert Roy Ramthun, the news isn't good. "HSA plans will not be as affordable as they are today," says Ramthun.
Health Savings Accounts Record Unprecedented Growth
HealthEquity today announced record growth within its Health Savings Account (HSA) business line. HealthEquity now serves nearly 500,000 account holders nationally. According to Interpro Publications Research, HealthEquity has exceeded the growth of the top 12 banks and financial institutions that administer health savings accounts. (PRWeb April 20, 2012) Read the full story at http://www.prweb ...
Coverage trend offers both savings, risks
More employers offer health savings accounts that can cut their costs but also may strain family budgets.
Congress Examines Tax-Advantaged Health Accounts
On April 25, the United States House of Representatives’ Subcommittee on Oversight of the Committee on Ways and Means held a hearing focused on the limitations imposed on the purchase of over-the-counter (OTC) medication with tax-advantaged accounts, such as health care flexible spending arrangements (FSAs), health savings accounts (HSAs) and health reimbursement accounts (HRAs).
Study: Savings and risks in health insurance trend
It's the hottest trend in job-based health insurance: plans that give you a personal savings account for medical bills but also require you to pay a hefty share of costs before coverage kicks in.
Tax Benefits of Opening a Health Savings Account
HSAs were created to encourage people to save for future health problems, but there are other tax reasons to open such an account.
Media Contacts
In February, the U.S. Department of Health and Human Services issued a “guidance bulletin” regarding the compatibility of health savings accounts with Obamacare’s insurance regulations. According to HSA expert Roy Ramthun, the news isn’t good.
Just Who Should Control Your Healthcare Spending?
What simple health care reform has reduced medical costs by up to 30%, while preserving quality of care?
IRS Increases Tax-Deductible Limits for Health Savings Accounts
The Internal Revenue Service has increased the tax-deductible annual contribution limitation for health savings accounts.
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