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Health Savings Accounts: The Beat Goes On & On!
May 14, 2008Health Savings Accounts: Usage up 35% and critics see them as great tax shelter.
May 13, 2008The number of Americans with insurance plans tied to Health Savings Accounts has passed the 6 million mark, according to America’s Health Insurance Plans. HSAs are tax-favored, individually owned savings accounts that can be used to pay for medical expenses in conjunction with a High Deductible Health Plan. About 6.1 million Americans were covered through HSA plans in January 2008, up 35 percent over the same period a year earlier, according to AHIP, a trade association representing insurers. The plans have been in existence since January 2004.
About 30 percent of individuals covered by HSA plans worked for small businesses, 45 percent worked for large employers, and 25 percent bought insurance in the individual market. The small-group market is the fastest-growing segment for HSAs. The AHIP survey found that HSAs are helping more Americans afford health insurance. HSA plans accounted for 31 percent of new coverage in the small-group market over the past year, and 27 percent of new coverage in the individual market.
The average deductible for the best-selling HSA plans in the small-group market was $2,244 for single coverage and $4,356 for family coverage, according to AHIP.
Average annual out-of-pocket limits were $3,462 for single coverage and $6,690 for family coverage.
Premiums averaged $3,189 for single coverage and $8,125 for family coverage.
HSA’s researching:Think you know the scoop?
May 9, 2008Health Savings Accounts and High Deductible Health Plan: Researching them is an art or a sucker punch?
Health Savings Accounts: Videos, Articles and extras!
May 8, 2008
e-book “Health Savings Accounts Guidelines Made Easy“.
It has been written from five to six different view points with the features, benefits, law changes and insider secrets that will put you up front immediately.
www.squidoo.com/HealthSavingsAccountsInc or www.HealthSavingsAccountsInc.com
Great Article:
The State of the Union address from President Bush brought the concept of Health Savings Accounts out into the open for all to see. This huge reform is long overdue and a great solution to health insurance plans for many Americans.
A Health Savings Account (HSA) coupled with a HSA-qualified low cost High Deductible Health Plan (HDHP) takes the bite out of monthly health care premiums. A Health Savings Account also provides a powerful savings component as well.
Let’s look at the details:
Health Savings Accounts were passed by Congress in 2003. It has taken a while for the word to get out.
Health Savings Accounts are tax-free savings accounts: they need to be coupled with a HSA-qualified High Deductible Health Plan which covers catastrophic medical expense so HSA + HDHP are required by the IRS to be tax-free.
Families can put as much as $5,650 or individuals $2,850 annually into these Health Savings Accounts. (These are 2007 numbers.) This money can then be used to cover qualified medical expenses like doctor visits, dentist visits, routine checkups, etc.
The expensive Low Deductible/Co-pay Health Plan has no savings plan nor does it cover additional eligible medical expense procedures that are covered under a Health Savings Accounts and HSA-qualified High Deductible Health Plans.
The exciting thing about HSA accounts…besides the tax-free part…is that you can carry over unspent monies from year to year. It doesn’t matter where you work or for whom you work! It’s portable no matter what!
Health Savings Accounts give control over how much you spend and where. The possibilities are eye-opening! You’re not tied to any plan’s particular doctors or medical groups. You are free to choose the providers you want and in what ever state, county or country you want!
Health savings accounts when set up properly can save you lots of money and allow you total control and flexibility. This is what everyone wants.
The savings aspect:
Having a traditional IRA or a 401(k) gives you a deduction for all contributions made yearly, but after age 65 all distributions (Roth IRA’s don’t apply) are taxed at both the federal and state level, including capital gains.
Health Savings Accounts give the same benefits as IRA’s and 401(k)’s.
The major difference is the money withdrawn for qualified medical expenses is never taxed!
Health Savings Accounts have no age restriction on when you may withdraw the funds like other IRA’s and 401(k)’s do.
Retirement Bonus:
Health Savings Accounts are able to be withdrawn after age 65 for any purpose without penalty. You still pay income taxes if used for anything other than eligible medical expenses.
Self-Employed Bonus:
Knowing that the self-employed can write off 100% of health care premiums makes the financial subsidy a great benefit.
The payments of premiums come out of your business and savings occurs from much lower premiums (up to 56%) and in the tax-free contributions to your Health Savings Account.
Security and Safety Bonus:
Should the occurrence of sickness or major injury occur you will have the ability to pay for your care or for a spouse’s care. The major illness or injury won’t be a family financial disaster as it so often is these days.
More than 1 million Americans insured, under insured or non-insured end up in medical bankruptcy each year.
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Don’t let this happen to you!
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Health Savings Accounts are a major reform long overdue and finally here!
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Make sure you take advantage and tell a close friend!
