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Considering Health Savings Accounts

Since Health Savings Accounts (HSAs) were $2,100 for families, and the annual
created by the Medicare bill signed into out-of-pocket expenses cannot exceed
law in 2003 they are being considered by $5,250 for an individual or $10,500 for a
more and more Texans as a health family. This includes deductibles and
insurance option. Here is a quick co-payments, but not premiums. So you can
overview on a complicated subject. buy an individual high-deductible
What's a Health Savings Account (HSA)? healthcare policy, or purchase one
They have two parts. The first part is a through your employer.
qualified high-deductible health To qualify as an HSA-eligible policy in
insurance policy that covers large 2007, your health insurance plan must
medical bills. The second part of the have a deductible of at least $1,100 for
Health Savings Account is an investment individual coverage or $2,200 for
account or retirement account from which families. You can then make a
you can withdraw money tax-free for contribution to your HSA up to the amount
medical care. If you don't withdraw the of the deductible each year. If you're
money for medical expenses, the money buying an individual plan, be sure to ask
accumulates with tax-free interest until your health insurance company if it is an
the age of 65, when you can withdraw it "HSA qualified" high deductible plan. Not
for any purpose and pay normal income all high deductible plans are eligible,
taxes. or "qualified".
Who's eligible for an HSA? Where can I get an HSA-Eligible Plan?
Anyone under age 65 who buys a qualified First you need a qualified high
high-deductible health insurance policy deductible plan. Finding a plan depends
can open an HSA. If you're covered by on whether you get it through your
another health insurance policy that employer or purchase individual
isn't a qualified high-deductible plan insurance.
(either as an individual or a dependent), Employer Insurance -If you get health
you're not eligible for an HSA. If, insurance through your employer, ask
however, you are eligible, you can still about the HSA-eligible option during the
carry other accident, disability, dental, group policy's open-enrollment period,
vision and long-term care insurance which is generally in the fall. Or talk
policies. to your benefits manager to see if HSAs
How much can I contribute annually to an will be on your health insurance menu.
HSA? Choosing an HSA could significantly
For 2007, you can contribute up to $2,850 reduce your share of premiums, and some
for individual coverage or $5,650 for employers may opt to fund all or part of
families. If you're 55 and older, you can the HSA, much like a 401(k)-style match.
make a catch-up contribution of $800. Your individual insurance company or
Legislation approved at the end of last employer will then almost certainly
year allows you to contribute up to these direct you to their preferred vendor for
limits, even if your insurance deductible the administration of your HSA account.
is less. Using the preferred vendor is usually to
Can any high-deductible health insurance your advantage as data is more easily
policy qualify for an HSA? transferred between the insurance company
Any high-deductible health insurance and the HSA administrator and you get a
policy can qualify, as long as it meets break on the administration fees. You
the IRS requirements. The deductible must are, however, free to chose another HSA
be at least $1,050 for individuals or administrator if you prefer.




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