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Health
Savings Accounts in Colorado
Health
savings account (HSA) 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 Health
Savings Accounts 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 2010 are capped at $3,050
for individuals and $6,100 for families. IMPORTANT: You must have
your HSA-qualified health insurance in place before December 1 in order to qualify
for a 2010 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and can be withdrawn penalty-free at age 65.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.
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"A
Health Savings Account will slash your health insurance premiums,
reduce your taxes, and make all of your medical expenses - including
dental, eyeglasses, and alternative care - tax deductible. For most
people this is the smartest and most economical way to handle their
health insurance needs."
Wiley
Long
President
ColoHealth
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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 up to
$3,050 for singles or $6,150 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. Health
Savings Accounts in the News
Health Savings Accounts Are Still Popular after Healthcare Reform
All the recent changes in health care haven't reduced the popularity of Health Savings Accounts. In fact, employers are offering Health Savings Accounts more often as a less expensive way to cover employees. According to America’s Health Insurance Plans, more than 10 million individuals enjoy the tax-free interest and tax-deductible healthcare expenses that come with Health Savings Accounts.
Health Savings Accounts Offer State Tax Deductions
Health Savings Accounts can give you generous tax deductions on your Federal income tax, but what about your state income tax?
States choose whether they comply with Federal guidelines for Health Savings Accounts, but most states do offer deductions. You can check your state HSA deductions to see whether your state allows deductions for contributions to Health Savings Accounts.
Health Savings Accounts Are More Popular Every Year
If you’re looking for a way to lower your monthly health insurance premiums, take a look at what millions of other people have been doing. According to the Employee Benefit Research Institute, the balances in Health Savings Accounts have grown rapidly in the past few years. Consumer-driven health plans, including Health Savings Accounts and health reimbursement arrangements, grew to $7.1 billion last year. That showed an increase of $835.4 million in the last three years.
Health Savings Accounts Now Benefit Ten Million Americans
Ten million Americans are enjoying the benefits of Health Savings Accounts, according to a census released this May by America’s Health Insurance Plans. That’s 25 percent more people than last year.
Health Savings Accounts, which can be combined with lower-cost, high-deductible health insurance plans, provide an important coverage option for families, and small businesses.
In the individual market, 2.1 million are enrolled in Health Savings Account (HSA) plans, while nearly 3 million are enrolled in HSA coverage in the small-group market, and almost 5 million have HSA coverage in the large-group market.
Health Savings Account Owners Can Get Best Insurance Prices
At HSA for America, we’re dedicated to helping owners of Health Savings Accounts keep down their medical expenses. One of the ways we do that is by comparing your health insurance to the newer plans that become available every year. Because insurance premiums regularly go up, and your needs may change, we offer an Annual Comprehensive Policy Review at absolutely no charge.
Health Savings Account Owners Get Money-saving Tools
At HSA for America, we understand that owners of Health Savings Accounts are looking for ways to save on health care. We want to help you be smart about how you handle your medical expenses, and we’ve come up with some money-saving tools.
When you reduce your annual medical costs, you can have more money in your Health Savings Account to grow tax-free until you retire. One of the best tools to help you do that is the Bill Negotiation Service. Big employers and insurance companies have power to negotiate for lower prices from doctors and hospitals. Now, you can tap into that power, too.
Health Savings Accounts Come With Expert Advice
Did you ever think that your medical expenses could be tax deductible? Combine a qualified high-deductible health insurance plan with a Health Savings Account (HSA) to get both tax-free interest and tax deductions. Money you contribute to your HSA earns interest tax-free. When you withdraw the funds to pay for qualified medical expenses, you can deduct it from your taxable income to reduce your taxes.
How Health Savings Accounts Are Affected By Health Reform
The new health care reform laws have both good and bad impacts on your Health Savings Account (HSA), and the health insurance plans that are qualified to work with your HSA. Here are some of the changes, and ideas of how you can maximize your benefits while minimizing your expenses.
This September will bring an end to lifetime limits in policies, which are often from $1 to $5 million now. Preventive services will be completely covered (100 percent) with no co-pay or deductible. HSA reimbursements will be expanded to domestic and same-sex partners so you can pay for a partner’s medical or dental expenses tax-free from your HSA.
Health Savings Accounts Work With Lower-cost Premium Plans
Certain high-deductible health insurance plans are qualified to be combined with Health Savings Accounts. These HSA plans offer lower premiums in exchange for you sharing the cost of your medical expenses until an annual deductible is reached.
With the new health care reform laws, the selection of high-deductible HSA plans may be limited. If you get the HSA plan you like now, you’ll be able to keep it as long as it's for sale. Your existing coverage will be "grand-fathered" in as the reform laws change the available HSA plans in the future.
Does My Health Savings Account Need to Be Set up with a Health Insurance Company?
No, your Health Savings Account (HSA) may be set up with any of the qualified custodians or trustees. You can choose to open your HSA with a provider that is different from your insurance company in order to take advantage of lower fees, or greater investment options.
As the nation's leading independent health insurance firm specializing in Health Savings Accounts, HSA for America offers you immediate access to a list of HSA administrators, along with recommendations regarding how to set up your HSA.
You can find extensive
information on Health Savings Accounts at: http://www.Health--Savings--Accounts.com | | | |
President