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HSA - Health Savings Accounts were created by the "Medicare
Prescription Drug, Improvement and Modernization Act of 2003,". If you
pay any federal income taxes, and are responsible for your own health
insurance then an HSA is probably for you. Select the links above to
learn more. If you are an adult and are covered by a qualified High
Deductible Health Plan (HDHP) you may open and HSA. There are three ways
to make contributions:
- You can make tax deductible contributions to your HSA
- Your employer can contribute to your HSA and neither you nor
your employer are taxed
- You can deposit from an employer sponsored cafeteria plan
through salary reduction.
People age 55 and older are allowed to make catch-up contributions to
their HSAs. The catch-up contributions are $900 for 2008, and $1,000 in
2009 and thereafter.
Deposits in the HSA belong to you and are portable. Interest income, and
investment earnings grow tax-free.
You are not taxed on distributions from the HSA as long as it is for
qualified medical expenses.
We are insurance agents not a CPAs. Every effort has been made to
make sure that information in this website is accurate in regards to
Health Savings Accounts and Tax Savings. Please consult with your
tax professional, the IRS, and your State revenue department. |
View HSA Presentation