Have You Opened Your HSA for 2007 Yet?
There are thousands of people who have purchased a High Deductible Health Plan/HDHP in 2007 and, for one reason or another, have yet to open a Health Savings Account/HSA for tax year 2007.
Lake Geneva, WI (PRWEB) December 28, 2007 -- HSA Trustee Services wants to remind everyone that they have until April 15, 2008, to fully open and fund an HSA for the tax year 2007. They must have had a qualified HDHP effective no later than December 1st, 2007 to open an Health Savings Account/HSA and claim the full 2007HSA deduction of $2,850 for individuals and $5,650 for families. If they were age 55 or older any time during the year, they qualify for the "catch up" contribution of an additional $800. If their spouse qualifies for the "catch up" under a family HDHP, he or she may make an additional $800 catch-up contribution into their own separate HSA.
Important things to remember are:
| | - You are not allowed to reimburse yourself for qualified health care expenses you incurred before the date you established an HSA, so the most important thing to do is to establish an your Health Savings Account so you can reimburse yourself going forward. You don't have to fully fund your HSA, just establish one. The rule does not go by when the HDHP insurance became effective, it goes by when you established the HSA. Any expenses you incur before you open the account cannot be paid from the HSA.
- Shop for the HSA that fits your needs. 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 your qualified health care expense receipts.
- You can use your HSA as a savings account, and continue to pay your health care costs out of pocket. There is no time limit for when you can reimburse yourself out of your HSA for your qualified health care expenses. You can allow the account to build, then reimburse yourself for anything paid "out of pocket" any time in the future as long as you have legible receipts.
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HSA Trustee Services is a nationwide provider specializing in opening and servicing Health Savings Accounts (HSAs) 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 prescription drugs. Full discount investment options through optionsXpress. 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."
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