health savings accounts, hsa account


Health Savings Accounts

Health Savings Accounts Can Lower The Cost of Your Health Insurance

      Congress recently made effective on 1/1/04  the Health Savings Account or HSA.       This new Health Savings Account  is a  hidden treasure for consumers under the       age of 65 who purchase their own health insurance. The MSA's we've had till now
      have been retired. MSA plans were only allowed for the self employed but HSA
      insurance plans are available for everyone regardless of employment.

           Health Savings Accounts are a money saver for you, here's why:

    1.   Significantly lower health insurance costs.

           HSAs allow consumers to switch from an expensive, traditional plan with doctor
           copays and drug cards to a high deductible plan with far lower monthly premiums.

    2.   Triple HSA tax advantage Ė previously only available to a select few. 
          The money saved on premiums can be contributed to a new HSA Account and
          used TAX FREE to cover deductibles and other qualified medical expenses not
          covered by the insurance plan.

         The best part is the triple tax advantage,hereís how it works:

    a.   Money contributed to the health savings account is tax deductible*. Itís simple to
          claim the deduction with or without itemizing taxes on the first page of your 1040

    b.   Money and interest in the savings account can be used tax-free. If used to pay
          the deductible or for qualified medical expenses, not covered by the insurance           plan (like office visits, prescription drugs, dental and vision), it will not be taxed.
          This means you are able to spend money that will never be taxed and you are
          getting a discount on eligible medical expenses equal to your tax rate.

    c.   Leftover accumulated money in your health savings account can be used to help
          fund retirement. Contributions and tax-deferred interest build a retirement fund that
          can be withdrawn at the age of 65 without penalty.  However, income taxes will be
          assessed if the money is withdrawn from the HSA and not used for qualified
          medical expenses. If you end up terminating your underlying high deductible plan           for another type or get group insurance through your employer you can still use the           funds for eligible medical expences till the account is emptied.

    3.   Better coverage with more control of health insurance dollars.
          More than ever has been available before. The combination of a high deductible
          plan with the tax advantaged health savings account gives you an affordable           and flexible means to buy exactly the coverage you want.
                                                                                                     * Subject to federal limits

Think of the HSA as a medical IRA and start enjoying the benefits today.

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