May 10, 2012
How Health Savings Accounts Help Consumers To Get More
As health care costs are on the rise, more and more employers are offering Health Savings Account (HSA) Plans to help employees control their health care expenses. An HSA Plan can help you build up savings that you can use to pay for healthcare expenses. Despite the growing number of people with Health Savings Accounts, many people are still confused about how to get the most benefit from them.
Think of an HSA like a bank account with numerous special advantages. The deposits you make are tax deductible. As long as you use the money to pay for HSA qualified health care expenses, withdrawals are not taxed.
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Posted by Wiley Long at 10:40 AM | Comments (0)
May 06, 2012
How Health Savings Account Contribution Rules Affect Employers
According to federal regulators, employers contributing to employee Health Savings Accounts or Health Reimbursement Arrangements may not get full credit for the deposit if they run a key "actuarial value" test. That is part of health care reform.
That test begins in 2014. Plans must have an actuarial value of at least 60 percent. While regulators have yet to define a formula to determine that actuarial value, in general, the value would be the percentage of expected costs for benefits covered by the plan.
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Posted by Wiley Long at 10:59 AM | Comments (0)
May 02, 2012
Why People Are Switching to Health Savings Accounts
With the increase in health care costs that we see every year, it's no wonder that more and more people are switching from traditional to tax-advantaged Health Savings Account plans.
According to the latest Health Savings Account Program Snapshot Report by J.P. Morgan Treasury Services, the average Chase HSA balance ($1,547) is four percent higher than it was in 2010. This is the highest balance that's been recorded in the past seven years.
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Posted by Wiley Long at 10:13 AM | Comments (0)
April 29, 2012
J.P. Morgan Releases Third Annual Health Savings Account Report
The results of J.P. Morgan's Treasury Services business third annual 2011 Health Savings Account Snapshot report have been announced. They are a full-service provider of cash management, trade finance, treasury solutions and escrow services.
The report provides a view of how Health Savings Accounts have been used by J.P. Morgan Chase HSA holders. Having a Health Savings Account (HSA) has been shown to help increase savings and pay for health care expenses.
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Posted by Wiley Long at 10:41 AM | Comments (0)
April 24, 2012
Health Savings Accounts Hit Record Growth
Recently, the Bank of America announced a record in Health Savings Accounts as they hit 34-percent growth in 2011. That’s 50,000 more accounts last year than seen in previous years. The growth is linked to increases in Health Savings Account (HSA) use among employees of existing company clients and new relationships built with individuals and employers.
Bank of America offers Health Savings Accounts, Health Reimbursement Arrangements and Flexible Spending Accounts. Nationwide, more than 600,000 individuals and more than 2,000 companies took advantage of these accounts via the BoA. Among these three types of plans, Health Savings Accounts are the fastest growing, with almost 200,000 accounts and more than $300 million in collective account balances.
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Posted by Wiley Long at 11:18 AM | Comments (0)
April 20, 2012
Health Savings Account Merits Revisited
As the debate over whether the Affordable Care Act enacted in 2010 is constitutional continues, it is not certain if all of the mandates will be implemented in 2014.
While waiting for the future of the health care reform law, why not take a closer look at Health Savings Accounts? If you’re having a hard time handling your medical costs, this may be a tax-smart option for you. Recent tax laws have greatly improved how Health Savings Accounts work. That is why we see a growth in HSA users every year.
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Posted by Wiley Long at 10:53 AM | Comments (0)
April 16, 2012
How Health Savings Account Help With Taxes
Ever since the Patient Protection and Affordable Care Act of the Obama administration in 2010 was enacted, the debate whether it is constitutional or not just doesn’t stop. We are not certain if all the provisions under the new health care reform law will be implemented by 2014 or none at all.
The future of health care in the United States is still uncertain. However, there are popular plans that will help secure your future. Have you heard of Health Savings Account (HSA) plans?
Health Savings Accounts Help With Health Care Expenses And Taxes!
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Posted by Wiley Long at 07:09 AM | Comments (0)
April 12, 2012
Handling Health Savings Account Tax Forms
One of the best ways to reduce the income tax you pay is with a Health Savings Account (HSA). These accounts provide tax deductions, immediate tax-free withdrawals for qualified health care for you and your family, as well as tax-deferred earnings on your savings.
For the 2011 tax year, you have until April 16, 2012 to make your HSA deductible contribution (April 15 falls on a Sunday). You can make your contribution even if you are no longer eligible so long as you are making the contribution for when you were eligible (assuming you do so before April 15 or your applicable tax filing due date).
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Posted by Wiley Long at 12:23 PM | Comments (0)
April 08, 2012
Understanding Health Reimbursement Arrangements
A Health Reimbursement Account (HRA), also known as a health reimbursement arrangement, is an IRS approved, tax advantaged, health benefit plan that reimburses employees for out of pocket medical expenses and individual health insurance premiums. Let me just clarify that an HRA is not health insurance. HRAs allow the employer to make contributions to an employee's account and provide reimbursement for eligible health care expenses. This is an excellent way to supplement health insurance benefits and allow employees to pay for a wide range of medical expenses not covered by insurance.
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Posted by Wiley Long at 11:00 AM | Comments (0)
April 04, 2012
HSA Assets Surpass $12.4 Billion
According to a survey by Devenir, an investment company that specializes in providing investment options for Health Savings Accounts, these accounts surpassed $12.4 billion in more than 6.8 million accounts in 2011.
The data was collected in January 2012 and it came from the top 50 HSA providers. According to Eric Remjeske, President and Co-Founder of Devenir, “We continue to see strong growth in the HSA marketplace as well as steady increases in average balances.”
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Posted by Wiley Long at 11:10 AM | Comments (0)
March 28, 2012
Will Health Savings Accounts Reach Idaho State Workers?
If people are more proactive when it comes to making health care decisions, it will help bring down the cost of health insurance premiums. This is what Rep. Steve Thayn, R-Emmett, believes in and that’s what he plans to do.
Thayn created a bill that will allow the Idaho Department of Administration to offer Health Savings Accounts to state workers. He recently presented the bill in the House Commerce and Human Resources Committee although he admits that it still needs a lot of work. Panel members wanted the bill to be clearer.
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Posted by Wiley Long at 11:08 AM | Comments (0)
March 24, 2012
Health Savings Account And Health Reimbursement Arrangement Growth
In 2001, employers started offering account-based health insurance plans known as Health Reimbursement Arrangements. These are employer-funded health plans that reimburse the qualified health care costs of employees.
When Health Savings Account Plans were introduced in 2004, employers also started using this option for employees. HSA plans are tax-advantaged accounts where you can use the funds to pay for qualified medical care. According to Paul Fronstin of the Employee Benefit research Institute, HSA plans can even be used as retirement accounts.
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Posted by Wiley Long at 11:01 AM | Comments (0)
March 20, 2012
How Health Savings Accounts Boost Health Care And Tax Savings
Health Savings Account plan holders have until April 17, 2012 to make a full contribution to their Health Savings Accounts. Since contributions are tax deductible, this will significantly reduce yuor taxes by thousands of dollars.
The maximum 2011 Health Savings Account (HSA) contribution is $3,050 for individuals and $6,150 for families. An additional $1,000 catch-up contribution can be made for individuals who are 55 or older. In 2012, tax-deductible HSA contributions have been raised by the IRS to $3,100 for individuals and $6,250 for families.
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Posted by Wiley Long at 11:16 AM | Comments (0)
March 16, 2012
Health Savings Accounts Tax Advantages
Health Savings Accounts (HSA) are tax-advantaged accounts that a taxpayer can set up with a qualified HSA trustee (usually a bank or an insurance company) to pay or reimburse qualified healthcare expenses. The only condition to be able to start an HSA is that you must have a high deductible health plan (HDHP) that is compatible to work with an HSA. You don’t need other permission or authorization from the IRS to set up an HSA.
As of 2012, the deductible that the IRS had set to be able to establish an HSA is between $1,200 and $5,950 for individual plans or between $2,400 and $11,900 for family plans.
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Posted by Wiley Long at 11:15 AM | Comments (0)
March 12, 2012
What Will Health Savings Account Be Like This 2012?
There’s been a lot of speculation about whether Health Savings Health Savings Accounts will retain the popularity they’ve enjoyed once health care reform reshapes how we get health care. Despite a couple of changes, these accounts have remained largely the same as they were pre-reform.
The penalty for spending Health Savings Account (HSA) funds on something other than qualified health care before you turn 65 was doubled. In addition, over-the-counter medicines were removed from the list of qualified expenses unless a doctor prescribes them. Besides the regular annual change in contribution limits, everything else remains the same.
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Posted by Wiley Long at 09:18 AM | Comments (0)
March 07, 2012
Clearing Health Savings Account Confusion
There are a lot of health care coverage options available, but none offer more ways to save than a Health Savings Account, also known as an HSA. Although it may seem confusing at first, an HSA is really very simple. You get an insurance plan and a savings account and the combination could end up saving you thousands of dollars in just one year.
Your health plan must be qualified to be combined with an HSA. This usually means that it will have a high deductible. Preventive care will be covered without having to meet the deductible.
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Posted by Wiley Long at 09:08 AM | Comments (0)
March 04, 2012
Health Savings Accounts When You Turn 65
Enrollment in Health Savings Accounts paired with a high-deductible plan has been on the rise as more consumers are discovering how it can lower their health care costs. However, what if you turn 65 and become eligible for Medicare. What will happen to your Health Savings Account (HSA)?
Once you turn 65, you are free to use your HSA funds for any other purpose aside from health care. Since you are not allowed to make contributions when you turn 65, it is advisable that you build your HSA balance so you can use the money when you retire.
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Posted by Wiley Long at 12:11 PM | Comments (0)
February 27, 2012
Health Savings Accounts Offer Critical Illness Coverage
Although high-deductible health insurance plans are popular, one of the reasons why there are still people who hesitate to enroll in Health Savings Account (HSA) plans is because of the high financial risk when you get sick. Yes, you get to pay much lower premiums every month but when you need extended medical attention, your out-of-pocket costs can reach several thousand dollars.
A critical illness can cause your medical bills to pile up because of the medical care, medications and laboratory tests that you will need. Half of all bankruptcies are due to critical illnesses. And of those bankruptcies, 75% had health insurance. Did you know that you can add a Critical Illness policy to your high-deductible HSA plan?
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Posted by Wiley Long at 07:44 AM | Comments (0)
February 22, 2012
Health Savings Accounts Continue to Grow in Assets and Numbers
Health Savings Accounts continued to grow in 2011, increasing to $12.4 billion in assets among 8.4 million Health Savings Accounts, according to the latest survey by Mathew Greenwald & Associates (MGA) and the nonpartisan Employee Benefit Research Institute (EBRI). That’s up more than 55 percent in the number of Health Savings Accounts and almost 70 percent in assets since 2010.
This growth comes after a leveling-off of Health Savings Account (HSA) balances during the recession years of 2008 and 2009, and a slight decline in 2010. The average HSA balance was $1,490 in 2011,
up 9 percent from 2010.
Continue reading "Health Savings Accounts Continue to Grow in Assets and Numbers"
Posted by Wiley Long at 12:29 PM | Comments (0)
February 19, 2012
How Health Savings Accounts Provide Health Care Solutions
If you have lost your employer-provided group health insurance, have noticed that health insurance premiums are on the rise again, or wished that you could control your healthcare costs, a Health Savings Account (HSA) could be exactly what you need.
Health Savings Accounts give you independence from employer-sponsored coverage, and options to help decrease premiums. They also offer you more choice in how you manage your healthcare costs. Certain high-deductible health plans allow you to combine them with a tax-advantaged HSA.
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Posted by Wiley Long at 11:28 AM | Comments (0)
February 16, 2012
Health Savings Accounts Favored By Employers And Employees
With the skyrocketing costs of health care, businesses are trading their PPO (Preferred Provider Organization) plans in for Health Savings Accounts. This move is strongly favored by employees because it can mean quality healthcare coverage and tax deductions.
While the tax deduction for Health Savings Account contributions can be up to $3,050 for individuals and $6,150 for families in 2012, Golden Rule points out that HSA advantages go far beyond tax deductions.
Health Savings Accounts' Two Main Advantages:
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Posted by Wiley Long at 11:25 AM | Comments (0)
February 13, 2012
Will Health Savings Accounts Be Affected By The Affordable Care Act?
Over the last year, the Affordable Care Act has dominated the headlines. Health care reform has included some changes to Health Savings Accounts and the health plans that work with them.
If purchased after Sept. 22, 2010, high-deductible health plans that are required to start a Health Savings Account (HSA) cover preventive health care before the deductible is met. They won't impose co-pay or co-insurance charges, either.
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Posted by Wiley Long at 08:39 AM | Comments (0)
February 09, 2012
Health Savings Accounts Secret To Medical Savings
Since the release of Health Savings Accounts in 2004, they has become a popular option. However, even though they’re very popular, a lot of people don’t realize that it can help lower skyrocketing health insurance costs. See how Health Savings Accounts can help improve your financial situation:
HSA plans help lower your health insurance cost. Generally, to set up an HSA, you need a qualified high-deductible health plan (HDHP). HDHPs give you premiums as low as 40 percent compared to co-pay plans.
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Posted by Wiley Long at 10:16 AM | Comments (0)
February 05, 2012
Do Health Savings Accounts Satisfy Customers?
J.P. Morgan's Treasury Services business recently announced the results of its 2011 Health Savings Accounts (HSA) customer satisfaction survey.
According to the survey, nearly eight out of 10 HSA holders were “very satisfied” with their HSA. The results indicated that satisfaction increased among account holders who used their Health Savings Accounts more frequently and among longer-term account holders.
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Posted by Wiley Long at 10:56 AM
February 01, 2012
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.
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Posted by Wiley Long at 10:09 AM | Comments (0)
January 30, 2012
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.
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Posted by Wiley Long at 12:29 PM | Comments (0)
January 26, 2012
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.
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Posted by Wiley Long at 02:29 AM | Comments (0)
January 22, 2012
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.
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Posted by Wiley Long at 09:39 AM | Comments (0)
January 18, 2012
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.
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Posted by Wiley Long at 11:24 AM | Comments (0)
January 14, 2012
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.
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Posted by Wiley Long at 03:02 AM | Comments (0)
January 10, 2012
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.
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Posted by Wiley Long at 01:05 PM | Comments (0)
January 06, 2012
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.
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Posted by Wiley Long at 06:18 AM | Comments (0)
January 02, 2012
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.
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Posted by Wiley Long at 10:56 AM | Comments (0)
December 29, 2011
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.
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Posted by Wiley Long at 11:56 AM | Comments (0)
December 25, 2011
How Health Savings Accounts Impact Consumers
According to the ACS 2011 Employer and Account Holder Survey, 77 percent of small employers say that high-deductible health plans paired with a Health Savings Account (HSA) help to control health care costs. More than half (56 percent) of HSA plan holders agreed that their HSA-qualified health plan was affordable.
Starting a HSA requires a very specific high-deductible insurance plan. These plan deductibles start at $1,200 for individuals or $2,400 for families, but not all plans that meet the criteria will work. Confirm a plan is HSA eligible up front.
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Posted by Wiley Long at 09:58 AM | Comments (0)
December 21, 2011
What Will Health Savings Account Limits Be In 2012?
The IRS has released contribution and other limits for Health Savings Accounts for 2012. Contributions increased slightly. For individual Health Savings Account (HSA) plans, annual contributions will be $50 higher at $3,100. Family HSA plan contributions will see a $100 increase to $6,250. The catch-up $1,000 contribution for those 55 or older remains unchanged.
Basically, a Health Savings Account is a tax-advantaged account that is linked with a HSA-qualified high-deductible health plan. You can set up a HSA with private insurance companies or financial institutions like banks.
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Posted by Wiley Long at 11:58 AM | Comments (0)
December 17, 2011
Benefits of Health Savings Accounts
Since the inception of Health Savings Accounts, a lot of people with high-deductible health plans have chosen this option. In fact, there's been a consistent increase in the number of people starting a Health Savings Account (HSA) each year.
If you are in a high tax bracket, you can definitely benefit from an HSA plan. You can lower your federal income taxes, and even your state income taxes in almost any state, via HSA contributions. You don't even need to itemize deductions because HSA contributions are considered "above the line" deductions.
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Posted by Wiley Long at 09:57 AM | Comments (0)
December 13, 2011
Do Health Savings Accounts Work With a Health Reimbursement Arrangement?
Health Savings Accounts are allowed with Health Reimbursement Arrangements as long as the HRA does not reimburse expenses that would otherwise go toward the deductible of the HSA-qualified health insurance plan.
When there is an employer/employee business relationship, such as your spouse works at least part-time in the business, you can set up a Health Reimbursement Arrangement so that your business can reimburse you for health insurance and other health care expenses.
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Posted by Wiley Long at 11:56 AM | Comments (0)
December 09, 2011
Health Savings Account Bill Dies For Texas State Employees
In Texas, a House Bill was proposed to offer Health Savings Accounts to state workers. Political opposition makes it unlikely that this unique form of savings will be available for state employees, though.
A Health Savings Account (HSA) works in combination with a type of insurance that is typically less expensive than full-coverage health insurance. HSA-qualified plans would allow state employees to start their own HSA to cover health care expenses until the plan's annual deductible has been met.
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Posted by Wiley Long at 10:53 AM | Comments (0)
December 05, 2011
Health Savings Account Versus Retirement Account
Health Savings Accounts are usually recommended for tax deductions. The high-deductible health plans that work with them are commonly known for low premiums, as well, but another advantage is less well known.
Health Savings Accounts have a lot in common with IRAs, such as annual contributions can grow with tax-free earnings. Those contributions are also tax deductions. One difference between the two is that HSA money is always available to pay for personal or family health care, while IRA money is only available after you are 59-and-a-half.
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Posted by Wiley Long at 02:30 AM | Comments (0)
December 01, 2011
Difference Between Health Savings Accounts And A 501(C)3
If you are wondering if Health Savings Accounts are the same as 501(C)3 corporations, the answer is no. A 501(C)3 corporation is a tax-exempt organization formed for educational or charitable activities. Health Savings Accounts, on the other hand, are simply a tax-advantaged way of saving money when it comes to paying for medical bills.
A Health Savings Account also helps reduce your income taxes - both federal and almost always state taxes. HSA contributions tax-deferred and withdrawals are tax-free when used to pay for qualified medical expenses.
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Posted by Wiley Long at 03:00 AM | Comments (0)
November 27, 2011
Establish Your Health Savings Account By December 1
If you want lower than average health insurance premiums, get a high-deductible health plan that qualifies you to open a Health Savings Account. Not only do these plans have some of the lowest premiums available, but HSA plans also have much lower rate hikes than traditional health insurance policies.
HSA plans have the added advantage of helping you save on federal and state income taxes. There's no requirement to fund your HSA, but if you do, you can use the contributions to reduce your taxable income.
Continue reading "Establish Your Health Savings Account By December 1"
Posted by Wiley Long at 09:59 AM | Comments (0)
November 24, 2011
Health Savings Accounts Encourage Cost Management
A survey from Mercer, an international HR firm, shows that the number of employers providing Health Savings Accounts has significantly increased. There's also been an increase in the number of HSA plans started by individuals.
Susan Connolly, a partner in Mercer’s Boston office, says that HSA plans are on the increase because the impact of increasing medical costs and overuse and misuse of health care services is taking a huge toll.
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Posted by Wiley Long at 10:37 AM | Comments (0)
November 21, 2011
Health Savings Accounts Work For Acupuncture
Are you fond of alternative healing methods such as acupuncture to relieve stress and pain, or to promote health? The National Institutes of Health recently recognized the benefits of what has been referred to an "alternative" health care. However, your regular health insurance plans might not cover these treatments.
If you have a Health Savings Account (HSA), you can use your HSA dollars to pay for alternative medical treatments and you can take tax deductions for these expenses. HSA Plans combine high-deductible health insurance policies with tax-advantaged savings accounts.
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Posted by Wiley Long at 10:17 AM | Comments (0)
November 16, 2011
Health Savings Accounts Urged in Delaware
Retired health care executive Richard Cherrin says Delaware needs a "dramatic, bold, paradigm shift" in the way it handles health care with its poorest residents, and he says "the time to do it is now."
Explaining his plan at a meeting of the Commission on Medicaid Cost/Health Care Containment, which he chairs, Cherrin proposes a shift to "consumer-driven" Health Savings Accounts for Medicaid recipients.
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Posted by Wiley Long at 09:50 AM | Comments (0)
November 13, 2011
How Health Savings Accounts Work With Medicare
Once you are enrolled in Medicare, you are no longer eligible to contribute to your Health Savings Account, but that doesn't mean it's any less valuable.
If you plan to continue working and remain on your employer’s health plan after you are eligible for Medicare, you can continue to make Health Savings Account contributions until you enroll in Medicare. Even Medicare Part A benefits, which are typically free, will disqualify you from being able to make Health Savings Account contributions though.
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Posted by Wiley Long at 10:30 AM | Comments (0)
November 10, 2011
Health Savings Accounts Offered By Bellco Credit Union
With millions of consumers worried about the rising cost of health care and how medical bills can make a huge impact on their wallet, Bellco Credit Union announced that they will offer Health Savings Account services to help consumers manage health care costs.
A Health Savings Account (HSA) provides a smart way to save for both day-to-day and future medical expenses. If you are in a high tax bracket, you can definitely benefit from an HSA plan. You can lower your annual federal taxes and even your state income taxes in almost any state.
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Posted by Wiley Long at 10:57 AM | Comments (0)
November 07, 2011
Health Savings Accounts Are Not In The Future For Texas State Workers
In Texas, a House Bill was proposed to offer Health Savings Accounts to state workers. However, despite the growing popularity of these tax-advantaged, low-cost Health Savings Account plans, political opposition is keeping HSA Plans out of reach for state employees.
Health Savings Accounts are very popular in the insurance market today for tax breaks and lower premiums. An HSA allows you to make many expenses such as acupuncture, co-pays, chiropractor services, dental services, homeopathy, prescriptions, etc., tax deductible.
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Posted by Wiley Long at 10:56 AM | Comments (0)
November 04, 2011
Health Savings Account Benefits Available Until Dec. 1
There's still time to lower your 2011 income taxes, but you'll need a health insurance plan that's qualified to work with a Health Savings Account (HSA) by December 1. Health Savings Accounts are the only plan that gives you a tax deduction when you put the money in, tax-deferred earnings, and tax-free withdrawal to pay for qualified medical costs.
The high-deductible health insurance plans that work with an HSA are some of the least expensive forms of health insurance. Once you have an HSA health insurance plan is place, you can start your Health Savings Account with just a small deposit.
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Posted by Wiley Long at 11:32 AM | Comments (0)
November 01, 2011
Health Savings Account Contribution Limits For 2012
The IRS has released contribution and other limits for Health Savings Accounts for 2012. Contributions increased slightly. For individual Health Savings Account (HSA) plans, it will be $50 higher at $3,100. Family HSA plans will see a $100 increase to $6,250. The catch-up $1,000 contribution for those 55 or older remains the same.
To get the tax deduction for the current tax year, you must have an HSA-qualified high-deductible health plan by December 1. Once you have your HSA plan in place, you're free to open an HSA, but there are no contribution requirements.
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Posted by Wiley Long at 10:31 AM | Comments (0)
October 29, 2011
Why Health Savings Accounts Have A Loyal Following
One reason is that HSA earnings are not taxed as long as the money remains in the account. Withdrawals to pay for most health care expenses will not be taxed, either. Health care expenses for family members can be covered with an HSA even though those family members are not covered under the HSA-qualified high-deductible health plan.
The other tax advantage is that HSA contributions double as tax deductions regardless of whether the money is spent on health care. Up to the government-set maximum, HSA contributions are considered to be “above the line” deductions. That means you can take the deduction without itemizing deductions.
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Posted by Wiley Long at 01:30 AM | Comments (0)
October 27, 2011
The New Health Savings Account Strategy
Consumers continue to make the most of Health Savings Account (HSA) Plans. One new trend is to increase the deductible on the HSA-qualified health plan as the HSA balance grows. This often results in lowering the monthly premium, which in turn increases the potential to save money. In case the Health Savings Account owner does need to meet the HSA plan’s deductible, the Health Savings Account balance can cover the gap until the insurance company starts to pay for medical claims.
Switching health insurance plans in order to lower premium costs as the HSA balance grows works better when the high-deductible health plan and the HSA are coming from different companies.
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Posted by Wiley Long at 01:02 AM | Comments (0)
October 24, 2011
Health Savings Accounts Mean Lower Taxes
In tough times, people need to be innovative to reduce what they spend on health care without giving up access to medical services. One way that people can gain more control over what they pay for health care and for taxes is called the Health Savings Account (HSA) Plan.
HSA Plans give tax deductions for money deposited in an HSA. That money accrues interest as long as it remains in the account, which can be until you want to use it for retirement. All the while it is growing with tax-free earnings, you can deduct annual contributions to lower your taxes.
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Posted by Wiley Long at 08:44 AM | Comments (0)
October 18, 2011
Health Savings Account Plans Offer Triple Benefits Over Old-fashioned Health Insurance
Health Savings Account (HSA) Plans are not just health insurance. They are low-cost, high-deductible insurance plans, potential tax deductions, and savings accounts with investment opportunities similar to IRAs and Roth accounts. That's how they offer three times more than old-fashioned policies.
Since they came to market in 2004, HSA Plans have attracted a loyal following. That's because their insurance premiums tend to be on the low-end and HSA Plans offer significant tax advantages.
Posted by Wiley Long at 10:03 AM | Comments (0)
October 12, 2011
Health Savings Accounts Reformed Health Insurance
Since Health Savings Account (HSA) Plans became available in 2004, people have been using them to reshape what health insurance had to offer. From low-cost coverage to tax advantages, HSA Plans reformed health insurance.
Health savings accounts allow people to put money aside for future medical expenses and grow that balance with tax-free earnings. When HSA funds were needed to pay for qualified health care expenses, the withdrawals were also free from taxation.
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Posted by Wiley Long at 11:03 AM | Comments (0)
October 07, 2011
How Health Savings Accounts Cut Taxes
Tax day 2012 is still a ways off, but those who want to pay less taxes are maxing out their Health Savings Account contributions now. What a lot of people don’t realize is that their health insurance plan can be turned into a fabulous way to save on taxes by adding a Health Savings Account or an HSA.
When you have an HSA Plan, you can make tax-deductible contributions to pay for many out-of-pocket health care costs. You have until April 15, 2012 to make the maximum HSA contribution for 2011. The maximum contribution for singles is $3,050 or $6,150 for families.
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Posted by Wiley Long at 04:37 AM | Comments (0)
October 04, 2011
Health Savings Accounts Lower Out-Of-Pocket Costs
Like all high-deductible plans, those that are qualified to be combined with a Health Savings Account (HSA) now cover preventive health care. That's only true for plans purchased after health care reform, though.
HSA Plans are high-deductible policies combined with an HSA. Like other high-deductible plans, HSA Plans are often less expensive than co-pay plans. They could be a more affordable route for employees struggling to pay for rising rates on group coverage.
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Posted by Wiley Long at 02:18 AM | Comments (0)
October 01, 2011
Health Savings Accounts Protect In Numerous Ways
Health Savings Accounts have the potential to not only allow investors to cover health-care costs with tax-free dollars, but to also help them build a retirement nest egg.
If you are under 65, you can open a Health Savings Account (HSA) as long as you have a high-deductible health insurance plan that's qualified to be combined with one of these special health savings accounts. You can even keep an HSA while you have another insurance policy, but you cannot have medical expenses paid by both an HSA and other insurance.
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Posted by Wiley Long at 02:36 AM | Comments (0)
September 27, 2011
How HSA Plans Can Save You Money
With escalating health insurance costs, more and more consumers are looking for new ways to save on health care. More often than not, they don't realize how high-deductible health plans can mean significant savings.
High-deductible plans typically offer lower premiums than co-pay plans, and that's usually true for high-deductible plans that may be combined with a Health Savings Account (HSA). HSA Plans have other advantages, too.
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Posted by Wiley Long at 12:17 PM | Comments (0)
September 22, 2011
Are Health Savings Accounts Affected By Health Care Reform?
The Affordable Care Act has made major changes in health insurance and Health Savings Account Plans are no exemption. The trade association America’s Health Insurance Plans says that more than 11.4 million U.S. residents have HSA-eligible health insurance plans. That amounts to more than a 14-percent increase since last year.
Health care reform ended the option to buy over-the-counter drugs without a prescription using HSA funds. To do so now would result in a hefty 20-percent penalty on the withdrawal along with the need to pay taxes on that withdrawal.
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Posted by Wiley Long at 10:49 AM | Comments (0)
September 16, 2011
Are Health Savings Accounts Threatened By The Affordable Care Act?
Making consumers take a look at their health care expenditures is one way to curtail health care costs, and Health Savings Account (HSA)Plans can help.
Health Savings Accounts allow consumers to use a tax-advantaged account to pay for qualified medical expenses. A 2011 report by the trade association America’s Health Insurance Plans shows growing enthusiasm for Health Savings Accounts. But how has the Affordable Care Act impacted Health Savings Accounts?
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Posted by Wiley Long at 08:47 AM | Comments (0)
September 13, 2011
Health Savings Accounts Remain Popular After Health Care Reform
Even after health care reform, Health Savings Accounts are increasing in popularity among small firms and families who need coverage in the individual plan market.
According to a recently released report from the trade association America’s Health Insurance Plans, the number of people with HSA Plans has nearly doubled in the past three years. This year, about 11.4 million U.S. residents can use the tax advantages of a Health Savings Account or an HSA.
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Posted by Wiley Long at 10:55 AM | Comments (0)
September 09, 2011
Health Savings Accounts Meet Health Care Reform
America's Health Insurance Plans (AHIP) is a trade association interested in Health Savings Account (HSA) Plans. It doesn't track all high-deductible health plans, but it did survey 83 insurance companies this year. Despite increases in enrollment, HSA Plans were found to only account for about seven percent of health insurance coverage among people under 65.
Like other high-deductible health insurance plans, HSA Plans typically offer lower premiums than what is available with co-pay plans. Both pre-tax money and employer contributions are allowed, but there's no requirement to fund your HSA.
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Posted by Wiley Long at 10:31 AM | Comments (0)
September 04, 2011
Health Savings Accounts Grow To 11.4 Million
Over 11.4 million U.S. residents have a Health Savings Account (HSA) eligible insurance plans. According to America’s Health Insurance Plans (AHIP), that represents a more than 14-percent increase over last year.
HSA enrollment has almost doubled in the past three years and the biggest increase has been seen in large-group coverage. That rose by 26 percent resulting in more than 6.3 million being covered. The small-group market showed about 2.8 million were enrolled in HSA plans.
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Posted by Wiley Long at 10:30 AM | Comments (0)
September 01, 2011
Health Savings Accounts Are Becoming Mainstream Healthcare Options
HSA Bank's 2011 Consumer Benchmark Survey shows Health Savings Accounts are becoming mainstream healthcare options.
It turns out that people with HSA-compatible health plans have similar characteristics, like age, health status and income. Most (59.8 percent) were at least 45 years old.
Nearly 95 percent of all Health Savings Account owners described themselves as having average or better health. Less than half (42.1 percent) had annual incomes between $50,000 and $100,000.
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Posted by Wiley Long at 10:40 AM | Comments (0)
August 29, 2011
Is An HSA The Right Choice For You?
As employers are looking for ways to battle increasing health care costs, more and more are leaning towards the popular Health Savings Accounts. Since the inception of Health Savings Accounts in 2004, consumers have been drawn to them. In part, this is because they allow consumers to get tax deductions for savings for health care costs.
To set up a Health Savings Account, you need a high-deductible health plan that's qualified to work with a Health Savings Account (HSA). Any money left in your HSA at the end of the year rolls over every year unlike when you have money in a flexible spending account.
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Posted by Wiley Long at 04:20 AM | Comments (0)
August 24, 2011
Health Savings Account Balances Blooming This Summer
Employers are leaning toward high-deductible health plans for employee benefits, and Health Savings Accounts (HSA) balances increased this June.
With the current recession, firms have reduced their workforce and the benefits they offer employees. Some companies have been able to maintain health benefits for workers via high-deductible plans combined with Health Savings Account. Commonly known as an HSA, this form of savings account offers tax-advantages in exchange for saving to cover medical costs.
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Posted by Wiley Long at 10:32 AM | Comments (0)
August 21, 2011
2012 Health Savings Account Plan Minimums and Maximums
Each year, the IRS calculates annual Health Savings Account adjustments using a 12-month period ending March 31. It has released Revenue Procedure 2011-32,1 that shows inflation-adjusted amounts for 2012 Health Savings Accounts and the high-deductible health plans that work with them.
For 2012, the maximum annual HSA contribution for individual HSA plans will be $3,100, which is $50 higher than the 2011 maximum. For family HSA plans, the maximum will be $6,250, or $100 higher than in 2011.
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Posted by Wiley Long at 12:28 PM | Comments (0)
August 18, 2011
Arizona Offers HSA Plan Tax Credit On Health Insurance For Small Businesses
Arizona has a new law to motivate small businesses to help employees with health insurance. It offers firms dollar-for-dollar tax credit up to $360 a year on the purchase of high-deductible HSA plans and Health Savings Accounts.
There's an additional $360 credit for contributions the employer makes to a worker’s Health Savings Account. The credits are only available for three years, which may be all that is necessary.
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Posted by Wiley Long at 10:03 AM | Comments (0)
August 15, 2011
How Health Savings Accounts Really Work
A Health Savings Account, commonly known as an HSA, adds tax advantages to certain health insurance plans that have deductibles. Like other high-deductible plans, those that allow you to open an HSA, typically have premiums in the least expensive range.
Like other deductible plans, HSA Plans cover 100 percent of your medical expenses once the total out-of-pocket limits are met (including the deductible). For 2011, annual out-of-pocket expenses are limited to $5,950 for individual coverage and to $11,900 for family coverage. The minimum deductible for an HSA-qualified plan is $1,200 for individual coverage and $2,400 for family coverage in 2011.
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Posted by Wiley Long at 07:59 AM | Comments (0)
