Have You Opened Your HSA for 2005 Yet?
There are thousands of people have purchased a High Deductible Health Plan/HDHP in 2005 and, for one reason or another, have yet to open a Health Savings Account/HSA for tax year 2005.
Lake Geneva, WI (PRWEB) January 19, 2006 -- There are thousands of people have purchased a High Deductible Health Plan/HDHP in 2005 and, for one reason or another, have yet to open a Health Savings Account/HSA for tax year 2005.
HSA Trustee Services wants to remind you that April 15, 2006, which falls on a Saturday this year, is the last day that you can open and contribute to an HSA for the tax year 2005. You must have had a qualified HDHP for at least one full month in 2005 to open an HSA and claim an HSA deduction for 2005. You must pro-rate your contributions by the number of full months you had the HDHP.
| | - You are not allowed to reimburse yourself for qualified health care expenses until you open an HSA, so whether you purchased your HDHP last year or it took effect 01/01/06 the most important thing to do next is to establish an HSA somewhere, so you can reimburse yourself going forward.
- Shop for the HSA that fits you. Make sure you compare the different HSA providers’ fees. Some providers charge monthly or annual fees. Some even charge to use the debit card. These costs can add up.
- Always keep you qualified health care expense receipts.
- You can use your HSA a forced savings account, and continue to pay your health care costs out of pocket. There is no time limit for when you can reimburse yourself for your health care expenses; you just need to keep legible receipts and records in case you do reimburse yourself at a later date, or in case you are audited.
- You decide whether to spend from the account for your health care expenses and how much to spend, or whether to spend out-of-pocket and to save the HSA money for the future.
|
HSA Trustee Services is a nationwide provider specializing in opening and servicing Health Savings Accounts (HSA) for individuals, families and groups since the inception of the HSA program in January 2004. HSA Trustee Services offers their exclusive “HSA Rx Card” for further savings on prescriptions drugs. For more information on this program, or the other benefits of using HSA Trustee Services, please call 866-HSA-2010 or visit the website at www.hsatrusteeservices.com. HSA Trustee Services is dedicated to “Keeping the $avings in the Health Savings Account.”
# # #
|
