Health Savings Accounts
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Health Savings Accounts (HSAs) in Colorado

"How To" Guide to HSAs

Health savings account plans can lower your premium, reduce your income taxes, and allow you to save money for future medical expenses tax-free.  For these reasons, HSA plans have become the most popular plans we offer. 

Here's why HSAs have become so popular:

  • An HSA offers Lower Premiums - Because a health savings plan in an HSA is paired with a high deductible health insurance plan, the premium savings for an HSA can be up to 50% or more compared to a typical low deductible health insurance plan.  

  • Tax-Deductible Contributions - Contributions to an HSA are tax-deductible.  Annual contribution limits for 2008 are capped at $2,900 for individuals and $5,800 for families.  IMPORTANT: You must have your HSA-qualified health insurance in place before December 1 in order to qualify for a 2008 tax break. You only have , so you should apply as soon as possible.

  • Pre-tax medical expenses - Withdrawals are tax-free and penalty-free when made for HSA qualified expenses, including your deductible, birth control pills, contact lenses and eyeglasses, chiropractors, dental treatment, fertility treatment, vasectomies, and even travel expenses incurred while seeking medical care.

  • Tax-deferred growth - Unused funds grow in your account tax-deferred, and can be withdrawn penalty-free at age 65.  There are a variety of investment options, including savings accounts, money market accounts, or a wide selection of mutual funds.

For more information on how HSA plans work, see our brief "How To" Guide to HSAs

Health Savings Accounts Colorado
A health
savings account
is a good
deal, and all
Americans should consider one...
These affordable health plans
will be good
for individuals,
small business owners and
employees ...
This will help
more American families get a
health plan
they need at
a price they
can afford.
"

- President
       George W. Bush


The following Health Savings Account plans are available in Colorado:

Below are some interesting articles on Health Savings Accounts:

Health Savings Accounts allow you to legally avoid federal income tax by saving 100% of the health plan's deductible, up to $2,900 for singles or $5,800 for families, into your Health Savings Account.  Whatever you deposit into your account with any HSA Administrators up to April 15, is an "above the line" tax deduction for the previous year's income taxes, meaning you get a federal income tax deduction for money you put in even if you take the standard deduction and don’t itemize deductions.  If your employer makes a Health Savings Account contribution for you, it is “excluded” from income, and not subject to any income tax or FICA.  Either way, this will immediately reduce your federal income tax due for the year.

You can find extensive information on Health Savings Accounts at: http://www.Health--Savings--Accounts.com

 

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