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Health Savings Accounts

Posted on September 27, 2012 at 10:14 AM
Health Savings Accounts are rising in popularity as a method of paying for medical expenses with tax sheltered dollars.  To be eligible for a health savings account (HSA) you:
  1. Must be enrolled in a qualified high-deductible health plan
  2. Cannot be a dependent on someone else's tax return
  3. Cannot be enrolled in Medicare
How it Works
When a person enrolls in an HSA compatible health insurance plan they have the option of setting up a side-fund to pay for their medical expenses.  Any monies that are contributed to their HSA fund are tax preferred, and they can withdraw these contributions tax-free to pay for qualified medical expenses.  Any interest that is accrued through their HSA account is also tax-free.  
 
Not only are HSA funds tax-preferred, but health insurance premiums are also tax-deductible when a person is enrolled in this type of HSA compatible plan.  One of the advantages of these plans are the tax-benefits, but they also offer lower premiums when compared to other plans with comparable deductibles.  With an HSA compatible plan you will still receive the same preventative care benefits that are required by the Affordable Healthcare Act. In addition, the funds in your HSA account belong to you and will accumulate if not used within the calendar year. 
 
The maximum contributions for 2012 are $3,100 for an individual and $6,250 for a family, and for 2013 the limits are $3,250 for individuals and $6,450 for families. Please contact your tax advisor regarding the specifics of your personal contributions and tax benefits. 
 
Click here for more information about 2013 limits, or contact us to learn more about how you can enroll in an HSA compatible insurance plan.

Categories: Health Savings Accounts, Healthcare, insurance

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219 Comments

Reply More information
7:24 AM on October 4, 2012 
What an awesome post!! Many of us save money for building a nice house or buying a car. But health savings is essential for all of us, because if we don't live, there will be no value to the house or car. Thanks a lot for such kind of post.
Reply Judi L. Woods Agency
12:50 PM on October 15, 2012 
You are so right! Saving for health care cost is so important, but it is often neglected. Thanks for your post! Check back often for updates.
Reply Griffin Marco
7:19 AM on October 20, 2012 
Magnificent post it is! Health Savings Accounts are getting huge popularity to the people because at any time people can be affected by any sort of illness or any accident. At that time this account will help them a lot. So I think everybody should have at least one health savings account. Thanks
Reply Judi L. Woods Agency
4:09 PM on October 22, 2012 
Griffin Marco says...
Magnificent post it is! Health Savings Accounts are getting huge popularity to the people because at any time people can be affected by any sort of illness or any accident. At that time this account will help them a lot. So I think everybody should have at least one health savings account. Thanks

Griffin makes a great point! Health care needs are unpredictable and it is important to be prepared - especially if you have a high deductible health plan. HSA accounts are a great compliment to these high deductible plans. Thanks Griffin!
Reply Ashton Humberto
7:28 AM on October 25, 2012 
"Health Savings Accounts" are a new area of the banking sector. Knowing about it , I am very glad. I will open a Health Saving Account and I think everybody should do it for future. Congrats for exclusive building and keep it up your work...
Reply Judi Woods Agency
12:49 PM on October 31, 2012 
Thank you for your comment Ashton. Health Savings Accounts are a great tool to use for your health care costs!

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