Health Insurance Savings Alert: Contribution Limits for Health Savings Accounts (HSAs) Will Increase in 2010

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Consumers Can Estimate Potential Cost Savings for this Affordable Health Insurance Option at HSAInsights.com

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With the April 15 tax deadline just around the corner, now is a great time for people to start looking for ways to ease their tax burden for 2010

Health Savings Accounts (HSAs) will become an even more popular health insurance option in the coming year as consumers will be able to deduct more of their contributions to these accounts. According to the Internal Revenue Service, the annual contribution limit on deductions for HSAs will increase $50 to $3,050 in 2010 for an eligible individual with self-only coverage and jump $200 to $6,150 for family coverage.

An HSA is a consumer-managed, tax-favored alternative to traditional health insurance created for the purpose of paying medical expenses. More than eight million Americans are enrolled in HSAs, which are available to individuals and families with high deductible health plans.

Consumers can help decide whether HSAs are right for them by using a calculator on HSAInsights.com that shows them what they could save by switching from a traditional health plan to a high deductible plan with an HSA. HSAInsights.com is a Web site that helps individuals, families, employers and retirees understand the basics of HSAs and gives them resources, tools and guidance for making smart choices.

The calculator lets consumers enter information about medical expenses, premiums, deductibles, copays and other factors, and provides them with an estimate of their net annual savings. For many families with annual medical expenses of about $1,500, the total savings often exceed $6,000 a year.

“With the April 15 tax deadline just around the corner, now is a great time for people to start looking for ways to ease their tax burden for 2010,” said noted industry expert Scott Krienke, senior vice president, product lines for Assurant Health, the first company to offer an HSA. “Health plans with HSAs offer protection and a tax-free way to invest—all at a cost that usually is less than what purchasers would pay for a traditional plan.”

For more information on HSAs, visit http://www.hsainsights.com.

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Emily Shirden

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