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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 2009 are capped at $3,000
for individuals and $5,900 for families. IMPORTANT: You must have
your HSA-qualified health insurance in place before December 1 in order to qualify
for a 2009 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and can be withdrawn penalty-free at age 65.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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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 $3,000 for singles or $5,900 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 a Better Reform Option
If we are to review of the history of health care in this country since the U.S. government's entry when Lydon Johnson signed into law Medicare and Medicaid, we find disturbing trends. The unconstrained, growth in size and shameful increases in cost and liability have crippled the system putting both in danger of collapse. And yet, we the people have allowed our improvident government to further politicize private health care, further exacerbating cost to every component within the system.
Many questions remain about how to solve our health insurance crisis in this country, but Health Savings Accounts have already proved to have a positive effect on health care.
Attack on Health Savings Accounts
Some lawmakers want national health-care reform to include new constraints on health savings accounts, a move that banks and insurance companies warn could discourage saving at a time when it is needed more than ever.
Proposals in the Senate would set tighter limits on contributions to Health Savings Accounts, and would require more oversight of how money in them is spent. Annual contribution limits for 2009 are $3,000 for individuals and $5,950 for families. One proposal would reduce these limits to the deductible amount of the Health Savings Account owner's health insurance plan, if that deductible is less than the set limits.
Health Savings Accounts a Viable Option
House Democrats finally unveiled their long-awaited 852-page health care "reform" legislation that engineers a government takeover of medicine. The bill is a staggeringly expensive bureaucratic nightmare that Democrats will try to defend in a series of hearings that have already begun.
As details of this leviathan bill begin to emerge, what is becoming increasingly clear is this plan, if passed, will cost American jobs.
Health Savings Accounts Help Prepare for Retirement Costs
As the cost of health care rises across the country, many individuals are wondering just how their anticipated health care expenses will impact their ability to retire. According to a recent study, individuals retiring at the age of 65 will need to have at least $240,000 saved in order to pay for their health care expenses during retirement alone, leaving many individuals to wonder whether or not retirement is truly an option. Health Savings Accounts are become a necessity for retirement in order to pay health care expenses during retirement years. The tax benefits of Health Savings Accounts really help make saving for retirement easier.
Over 8 Million Now Enrolled In Health Savings Accounts
A new census release by America's Health Insurance Plans (AHIP) has found that over 8 million Americans are covered by Health Savings Account eligible insurance plans which is 31 percent increase since last year. Since 2004, when Health Savings Accounts were created, AHIP has conducted a periodic census of its members participating in the Health Savings Account market.
Another report by AHIP found HSA account holders have a broad range of incomes across the country. The report, Estimated Income Characteristics of HSA Account holders in 2008, used a geo-coding technique to estimate the income characteristics of HSA account holders.
Americans Want to Keep Health Savings Accounts as a Savings Option
OptumHealth Inc. has release a survey that shows Health Savings Account owners are extremely satisfied with their Health Savings Accounts and they believe their Health Savings Accounts should remain a savings option for Americans. More than 80 percent of respondents cite their ability to save for future health care expenses as the primary reason for opening and depositing money into their Health Savings Accounts. The survey also found that 70 percent of Health Savings Account participants make $75,000 a year or less in income.
"Health Savings Accounts have very strong support across a broad range of income levels and are helping people be better health care consumers," cited Chad Wilkins, CEO of OptumHealth.
Health Savings Accounts at SunTrust
SunTrust Banks recently introduced a turn-key Consumer-Directed Healthcare solution for employers seeking to take control of their healthcare costs. The SunTrust Health Savings Account combines administrative and financial components, including integrated account management, a healthcare payment card, HSA investment options, and integrated account management, all offered through a single trusted custodial partner.
"SunTrust is committed to providing solutions that assist our clients in establishing a sound financial foundation," said Gary Plourde, Senior Vice President, SunTrust Institutional Investments Director of Sales.
New Health Savings Account Partnership
Maryland-based Hunt Vally, a provider of Health Savings Account management solutions, has partnered with SunTrust to deploy a turn-key solution for the administration of Health Savings Accounts.
The partnership will give SunTrust access to ConnectYourCare's suite of online administrative tools and services including Consumer-Driven Healthcare Express, real-time employer transparency and control tools, participant health education and empowerment tools, healthcare payment card and a banking and investment platform.
Health Savings Accounts Are The Wave Of The Future
The need for reduced health care cost brought about the formation of Health Saving Accounts in 2004. Since then, their use has grown exponentially by American consumers. Most people will agree that health insurance is too expensive especially if you have a family to cover. Deciding which policy makes the most sense can be confusing with all the co-pays, premiums, deductibles, and features. This is where Health Saving Accounts can make it possible to get great coverage with a reduced premium and have a reserve expense account for when a major medical expense does occur.
Why Use A Health Savings Account?
What Health Savings Accounts Can Do For You
Health Savings Accounts were introduced in 2004 and allow individuals to pay for medical services upfront through funds they deposit tax-free into their personal Health Savings Account. A required insurance policy then kicks in for catastrophic expenses. Any unused funds build up from year-to-year and collect interest in the process.
Put simply, no other investment account has the tax advantages that Health Savings Accounts do. Throughout the life of a Health Savings Account its owners can withdraw funds for qualified medical expenses tax-free. Because of this, taxpayers should consider fully funding their Health Savings Accounts first, before any other type of retirement accounts.
You can find extensive
information on Health Savings Accounts at: http://www.Health--Savings--Accounts.com | | | |
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