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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and can be withdrawn penalty-free at age 65.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
Alabama Legislator Hopes to Offer Pre-tax Health Savings Accounts
An Alabama legislature hopes to create tax-free Health Savings Account options for Alabama residents. According to Federal laws, families and individuals can have Health Savings Accounts that help them reduce their annual health care costs and tax burdens. However, the state of Alabama does not offer its residents tax-free Health Savings Accounts.
Rep. Greg Canfield (R-Vestavia Hills) introduced a new bill to the Alabama House of Representatives on January 12 that would allow individuals and families in Alabama to deposit their pre-tax earnings into a Health Savings Accounts to help cover qualifying medical expenses.
An Overview of the Aetna Health Savings Account Plan
If you’ve never heard of a Health Savings Account, then it’s time to take a look at this increasingly popular health insurance plan option that has become available for Americans and their families. Aetna is one of the many health insurance companies that offers the Health Savings Account option. The Aetna Health Savings Account is similar to its HealthNow PPO and Aetna PPO Plans.
However, while the Health Savings Account option helps many Americans save a significant amount of money each year off of the cost of their healthcare expenses, there are some important things that everyone will want to know about before enrolling in a Health Savings Account plan.
How a Health Savings Account Can Help to Protect Your Finances
If you have health insurance, you might be surprised to learn that a starling 16.6% of American adults are still uninsured, despite the high degree of attention that has been given to health insurance issues in the U.S. lately. Many American adults without health insurance are put into a tricky situation when they have a catastrophic injury or illness and are then stuck with an expensive emergency room or ICU bill. According to many, living without health insurance is a high stakes gamble that too many Americans make every day.
Why Enroll in a Health Savings Account?
To Protect Your Health and Wealth!
Many Americans are struggling to keep up with the high cost of healthcare. Not only are health insurance premiums skyrocketing, but many employers are reducing their employee benefit (or even cutting healthcare coverage altogether) in an effort to reduce their costs. Moreover, many healthcare services are not even covered at all by health insurance plans, even when health insurance plan members pay for their insurance.
So how can Americans protect themselves, their wallets, and their healthcare?
Are Health Savings Accounts Better than Flexible Spending Accounts?
Are you trying to get a handle on the many different employer-sponsored healthcare options that are currently available? If so, you’re not alone. In fact, we get many questions about the difference between two very popular healthcare plan options: flexible spending accounts and Health Savings Accounts. These two plans are similar, but Health Savings Accounts tend to give employees more control and financial benefits than the flexible spending account option. Here’s what you need to know about Health Savings Accounts:
Health Savings Accounts Can be Used to Improve Financial Security
Health Savings Accounts can not only save you money on health insurance expenses now, but they can also serve as a vehicle to help you grow your retirement savings in a strategic way. Health Savings Account participants can use their accounts to help grow their savings tax-free (or tax-deferred). For many people, a Health Savings Account can serve as a second retirement account that will be available to help cover their medical expenses in addition to any other retirement expenses they may have.
Using a Health Savings Account to Keep Health Insurance Premiums Low
Health Savings Accounts offer tax deductions for medical expenses, and the possibility of creating an additional retirement account. But regardless of any other positive benefit of Health Savings Accounts, lower premiums are the main reason why thousands of Americans have chosen Health Savings Accounts as the best way to protect the health of their families and their property. Here are some basic tips on how to keep your health insurance premiums low.
1.Choose an HSA-qualified health insurance plan that increases rates slower.
Seven Things to Know About a Health Savings Account
Health Savings Accounts are becoming increasingly popular savings accounts used to pay for qualifying medical expenses. Since they first became available in 2004, about 2.5 million Americans have opened a Health Savings Account. However, Health Savings Account plans may not be the best options for everyone. If you are thinking about enrolling in a Health Savings Account, here are seven things you need to know:
1. A Health Savings Account plan can reduce healthcare costs by an average of 40 percent for many participants.
How to Set Up a Health Savings Account; A Step-by-Step Guide
Health Savings Accounts provide an excellent way to save money and grow financial assets. Health Savings Accounts provide a vehicle for participants to make tax-deductible contributions into a personal savings account that can be used to pay for qualifying medical expenses.
In addition to the tax deduction participants receive for contributions they make to their Health Savings Accounts, the funds held within a Health Savings Account grow tax-free and can be withdrawn tax-free to pay for qualifying medical expenses. Therefore, participants often invest the funds within their Health Savings Accounts into high interest-yielding investments such as stocks and bonds.
Non-profit Organization Launches Health Savings Account Plan
Low-income residents in Reno, NV may have a new health insurance option this year; a Reno-based non-profit organization is planning to launch a Health Savings Account option for its low-income members. If the organization does launch the Health Savings Account plan this month, it will be the first like it in the nation, according to individuals involved with the endeavor.
The new HSA plan – called the Individual Development Account – will be available through Access to Healthcare Network. Access to Healthcare Network is a program for the working poor that negotiates discounted rates for health care services and products with health care providers.
You can find extensive
information on Health Savings Accounts at: http://www.Health--Savings--Accounts.com | | | |
President