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Why an HSA account makes sense !!!!!
A Health Savings Account (HSA) can help you build real wealth for you and your family.
Instead of paying high insurance premium payments to the insurance companies you can pay a smaller premium with a High Deductible Health Plan and invest the premium savings in a Health Savings Account. It's just a smarter way to buy health insurance.
A Health Savings Account can help you build real wealth by:
Lowering your current health insurance premiums by 30-50%!
Contribute a portion of your saved money to an HSA that you own.The funds contributed to the account are not subject to federal income tax at the time of deposit. Funds may be used to pay for qualified medical and dental expenses at any time without federal tax liability.
Contributions for 2008 are capped at $2,900 for individuals and $5,800 for families.
IMPORTANT HSA NEWS FOR 2007 !!!!
In one of the last acts of the 109th Congress, the Senate and House both passed H.R. 6111 , the Tax Relief and Health Care Act of 2006, into law before adjourning.
The bill's provisions include the following:
1. It allows HSAs to be funded with one-time transfers from Individual
Retirement Accounts (IRAs), enabling individuals to benefit from the tax advantages provided by HSAs when paying for medical expenses.
2. It allows individuals to make the maximum annual contribution to HSAs at any point in a given year; previously, they were only allowed to make prorated contributions based on their enrollment dates.
3. It allows individuals to contribute amounts that equal the annual
contribution limit, regardless of their plans' deductible limits; previously, they were only allowed to contribute amounts equaling their deductibles.
4. It allows funding for HSAs to come from a health reimbursement arrangement (HRA) or a flexible spending account (FSA) in the form of a one-time rollover.
5. It allows employees with lesser earnings to receive higher contributions from their employers into HSAs.
HSA funding is tax-deductible, tax-deferred while growing and available for tax-free usage for medical and dental expenses.
Annual contributions in 2008 are capped at $2,900 per individual and $5,800 per family.
For additional information or to speak with an insurance agent about an HSA,
please call or email.
734-578-6643
ronodell@gmail.com
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