| |
|
|
|
|
|
|
|
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and can be withdrawn penalty-free at age 65.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.
|
|
|
|
|
|
|
 |
|
|
|
|
“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
|
|
|
|
 |
|
|
|
|
|
|
|
|
|
|
|
President