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Health
Savings Accounts in ColoradoHealth
Savings Account (HSA) plans can lower your premium, reduce your income taxes,
and allow you to save money for future medical expenses tax-free. For these
reasons, HSA plans have become the most popular plans we offer. Here's
why Health Savings Accounts have become so popular: -
An
HSA offers Lower Premiums - Because a health
savings plan in an HSA is paired with a high
deductible health insurance plan, the premium savings for an HSA can be up
to 50% or more compared to a typical low deductible health insurance plan.
- Tax-Deductible
Contributions - Contributions to an HSA
are tax-deductible. Annual contribution limits for 2012 are capped at 3,100 for individuals and $6,250 for families. IMPORTANT: You must have
your HSA-qualified health insurance in place before December 1 in order to qualify
for a 2012 tax break.
- Pre-tax
medical expenses - Withdrawals are tax-free
and penalty-free when made for HSA
qualified expenses, including your deductible, birth control
pills, contact lenses and eyeglasses, chiropractors, dental treatment,
fertility treatment, vasectomies, and even travel expenses incurred
while seeking medical care.
- Tax-deferred
growth - Unused funds grow in your account tax-deferred, and can be
withdrawn penalty-free at age 65. There are a variety of investment options,
including savings accounts, money market accounts, or a wide selection of mutual
funds.
For
more information on how HSA plans work, see our brief "How
To" Guide to HSAs. You can also sing up for the HSA
for America weekly HSA
Teleseminar. | |
| |
"A Health Savings
Account will slash your health insurance premiums, reduce your taxes, and make
all of your medical expenses - including dental, eyeglasses, and alternative care
- tax deductible. For most people this is the smartest and most economical way
to handle their health insurance needs." Wiley
Long
President
ColoHealth | | | |
| | |
The following Health
Savings Account plans are available in Colorado:
Below
are some interesting articles on Health Savings Accounts:
Health
Savings Accounts allow you to legally avoid federal income tax by saving up to
$3,100 for singles or $6,250 for families, into your Health Savings Account.
Whatever you deposit into your account with any HSA
Administrators up to April 15, is an "above the line" tax deduction
for the previous year's income taxes, meaning you get a federal income tax deduction
for money you put in even if you take the standard deduction and don’t itemize
deductions. If your employer makes a Health Savings Account contribution
for you, it is “excluded” from income, and not subject to any income
tax or FICA. Either way, this will immediately reduce your federal income
tax due for the year. Health
Savings Accounts in the News
How A Health Savings Account Plan Can Offer You Tax Savings
The first couple months of the year are usually the time when most people look for ways to keep more money in your pocket with tax-saving strategies. However, if you have an high deductible health insurance plan with a Health Savings Account (HSA), you don’t have to stress yourself about the April 15 deadline.
It’s not too late to save on your 2011 taxes by depositing the maximum contribution into your Health Savings Account. You still have until April 15, 2012 to make a tax deductible contribution into your HSA of $3,050 for singles and $6,150 for families.
Have Health Savings Accounts Changed With Health Care Reform?
Since the implementation of the Affordable Care Act, we have seen numerous changes in the way we receive health care. One of the health care options affected by this law has been the high-deductible health insurance plans that allow you to open a Health Savings Account (HSA).
Low-cost HSA plans, like all plans with deductibles, must now cover preventive health care before policyholders have spent enough on their own health care to meet the plan's deductible.
Great Health Savings Account Rewards
A high-deductible plan combined with a Health Savings Account (HSA) is a tax-advantaged way to pay for most medical expenses. HSA plans allow your savings to grow with tax-free earnings.
Plus, HSA money is yours to keep in contrast to flexible spending accounts. Those funds are only available until the end of the year.
There's even a program called "My HSA Rewards" that lets you earn cash-back from purchases to build your HSA balance. That's great at Christmas time, but it works throughout the year.
Six Amazing Health Savings Account Facts
Did you know that you might be missing out some major benefits if you currently have a high-deductible plan without opening a Health Savings Account (HSA)? There are six great things about Health Savings Accounts that you should know.
First, they are very easy to use. Some financial institutions offer debt cards with a HSA, and credit cards attached to a HSA may be available soon.
Second, HSA funds are yours to keep.
Why Health Savings Accounts Are On The Rise
We have seen a constant increase in the number of Health Savings Accounts because they create a win-win situation for employees and employers. Two studies were conducted to show you why enrollment in HSA plans continues to grow.
Buck Consultants conducted a survey that revealed that Health Savings Accounts are not only saving employers and consumers money, but are also helping employees (and retirees) make better decisions about their healthcare. Employers said that the cost of providing HSA high-deductible health plans is considerably less than that of providing a standard health plan.
Health Savings Account Cures High Health Care Cost
Health Savings Accounts allow you to contribute money to a savings account that earns tax-free interest, or invest money in stocks and bonds or mutual funds for tax-free earnings. You can tap your Health Savings Account (HSA) money to pay for medical expenses for you and your family and the withdrawals are also tax-free as long as you spend the money on qualified health care. That list is pretty long and includes many services that traditional health insurance doesn't cover, like dental care.
Before you can start a HSA, you must have a high-deductible health plan and not just any plan will do. Be sure to get a plan that is qualified to be combined with a HSA.
Can Health Savings Accounts Help Small Businesses Fight Health Care Costs?
According to a recent study commissioned by HSA provider ACS and conducted by Bucks Consultants, more small business owners and employees are turning to Health Savings Accounts as a low-cost healthcare option.
Health Savings Accounts (HSA) are owned by the employee, rather than the employer, even if the employer funds that HSA. These funds can be used to pay for qualified health care expenses, or kept for retirement.
A Health Savings Account Plan Can Help With Unemployment
With the cost of health insurance rising much faster than income, many people are not receiving adequate medical care. The number of people who do not have health insurance grows as layoffs continue. One big benefit of having a Health Savings Account (HSA) is that you own it completely. If you leave your job, all of the funds are yours to keep and you can use that money to pay for health care when you're between jobs.
When you contribute to a HSA, you can take a tax deduction to keep your federal, and almost always state, income taxes low. You don’t even have to itemize deductions to claim your HSA contribution as a deduction.
Health Savings Accounts Control Health Care Costs
Two recently-released national surveys show that employers and employees are finding affordable health care with Health Savings Account plans. That's a combination of a high-deductible health insurance plan with a unique kind of savings that offers tax deductions and tax-free earnings, like IRAs.
According to the surveys, 77 percent of employers said that high-deductible health plans that worked with a Health Savings Account (HSA) could help control rising medical care costs. That's because a HSA can grow faster than traditional savings account in which earnings are taxed. Then, the savings can be used to pay for qualified medical expenses not covered by the HSA insurance.
HSA Plans Added To Boston University’s Insurance Options
Next year will mark the first time that Health Savings Account plans will be offered to Boston University employees. Staff will still have access to two previous health insurance options (HMO and PPO plans), as well.
HSA plans will enable them to pay for certain medical care expenses not covered by insurance. If HSA funds are not needed for health care, the balance can grow with tax-free earnings to add to their retirement savings.
You can find extensive
information on Health Savings Accounts at: http://www.Health--Savings--Accounts.com | | | |
President