Because HSA-qualified health insurance plans have high deductibles, charges for doctor visits, prescription drugs, and other medical expenses are typically paid for from the health savings account. By knowing how to keep these expenses to a minimum, and what expenses can be paid for from a health savings account, an HSA owner can save hundreds or thousands of dollars.
Fort Collins, CO (PRWEB) October 31, 2005
HSA for America has published Issue 6 of Maximize Your HSA.
“We feel it is important to help our clients get the maximum value from their health savings account,” says Wiley Long, President of HSA for America. “Because HSA-qualified health insurance plans have high deductibles, charges for doctor visits, prescription drugs, and other medical expenses are typically paid for from the health savings account. By knowing how to keep these expenses to a minimum, and what expenses can be paid for from a health savings account, an HSA owner can save hundreds or thousands of dollars.”
Maximize Your HSA is published monthly, and distributed via email. Previous issues have covered ways to keep health insurance premiums low, how to pay for dental expenses from an HSA, and when over-the-counter medicines or nutritional supplements can be paid for from an HSA. Subscriptions and past issues are available at http://www.HSAforAmerica.com/newsletter.htm.
HSAs first became available in 2004. They enable individuals to set up tax-favored accounts that can be used to pay for medical expenses that are not covered by their health insurance. Individuals are eligible for an HSA only if they have a qualifying high deductible health insurance plan with an annual deductible of at least $1,000 on individual plans, or $2,000 on family plans.
All deposits into an HSA are tax-deductible. Funds can be withdrawn tax-free at any time to pay for medical expenses. Money not withdrawn grows tax-deferred like an IRA, and can be withdrawn penalty-free after age 65.
These accounts have already proven to be a popular health insurance option. By 2008, it is predicted that there will be over 6 million HSA accounts. Analysts expect there to be $10 to $25 billion in these accounts by 2010.
“HSA for America is pleased to offer this service to its members,” says Wiley. “HSAs are still relatively new, and many accountants and financial advisers are not very familiar with them. Since money invested in an HSA can grow to be hundreds of thousands of dollars by the time someone retires, it is important that HSA owners stay informed and educated.
About HSA For America:
HSA for America is a nationwide brokerage firm specializing in individual and family health insurance plans that are qualified to work with health savings accounts. HSA for America, which represents dozens of insurance companies, offers instant quotes, online applications, and complete information on how health savings plans work.
HSA for America
Toll-Free: (866) 254-5121
Toll-Free Fax: (866) 284-0082