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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 $1,100 and $5,500
for singles, and between $2,200 and $11,000 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
Wright State University to Offer Employees Fifth Third Health Savings Accounts (PR Newswire via Yahoo! Finance)
Fifth Third Processing Solutions is pleased to announce that Wright State University has signed a contract to begin offering Fifth Third Health Savings Accounts to its employees. Wright State University, located in Dayton, Ohio, employs more than 2,400 faculty and staff, serving nearly 17,000 students and offering more than 100 undergraduate and 50 Ph.D., graduate, and professional degrees.
Thursday, November 20, 2008 (ThirdAge)
... for ways to save money on health plans. Health Spending Accounts (HSAs) were developed with this goal in mind, and they offer ... two different kinds of HSAs currently offered: flexible spending accounts and medical savings accounts. Under both types, you ...
HSA Resources Releases Employer Guide to HSAs (PRWeb via Yahoo! News)
HSA Resources, a leading provider of Health Savings Accounts, announces the release of its HSA Employer Guide: An Introduction to Health Savings Accounts for Employers. The twenty-four page guide provides employers with in-depth yet easy to read explanations of the top HSA questions employers face.
SunGard offers prepaid benefits card to Relius 125 customers (Banking Business Review)
SunGard, a company which provides software and processing solutions for financial services, higher education and the public sector industries, has announced that its Relius 125 system will offer Evolution Benefitss prepaid benefits card program to customers who administer flexible spending accounts, health reimbursement accounts and health savings accounts.
Area Employers Face Health Care Crunch (Baltimore Jewish Times)
Businesses in Baltimore are going to face health insurance premium increases come the first of the year, and employers whose health care coverage is up for renewal are shopping for the best deals.
Health insurance costs: Employees dig deeper in pockets (Orlando Sentinel)
U.S. workers who get health insurance through their employer can expect to shoulder more of the ever-growing financial burden again next year.
Deductibles jump for employees' health benefits (The Kansas City Star)
The median deductible required by Kansas City area employers for employees to participate in preferred provider organization health plans jumped to $1,000 this year from $500 last year.
Helping to Manage Health Care Costs (Westerly Sun)
You may find yourself paying more out-of-pocket for the health care you receive, even if you have a “top notch” plan through your employer. It is no secret that increasing health care costs have become a concern for Americans.
CAHI Stands by Its Principles for Health Insurance Reform (PR Newswire via Yahoo! News)
Yesterday, America's Health Insurance Plans (AHIP) implied that the health insurance industry had decided to support an "individual mandate," which requires everyone to buy health insurance or pay a fine, combined with "guaranteed issue," meaning that everyone must be accepted regardless of health status.
Health insurance costs inching up for Va. employers (The Virginian-Pilot)
Employers' health plan costs increased nationally by a moderate 6 percent this year - and slightly less in Hampton Roads - but employees are shouldering higher deductibles and co-payments, according to a survey released Wednesday.
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