Monday, January 10, 2011

What are the benefits of an HSA?

A tax-exempt Health Savings Account (HSA) may be one of the best ways to protect individuals and small business owners from rising health care costs. If you are employed, self-employed or otherwise, you can invest in a tax-advantaged medical savings account if you have a high deductible health insurance plan (HDHP) of $1,200 or more.

The benefit for employees is also lower premiums and more control over what you spend on qualified health expenses. The new health care reform bill has made some changes to HSAs starting in 2011. The money you save each year can no longer be used to buy routine medical items like over-the-counter medications and other medical-related things like contact cleaning solution. It has to be used for prescriptions and insulin. Much like an IRA, if the money withdrawn from an HSA is used for anything other than a qualified medical expense, the money withdrawn is now subject to a penalty in addition to paying the applicable income taxes. The penalty changes from 10 percent to 20 percent in 2011.

The money you contribute to an HSA has triple tax advantages. The contributions are pre-tax, any interest earned is tax exempt and withdrawals are tax-free as long as the money is spent on qualified medical expenses. Individuals can make contributions even if they don’t itemize their tax deductions and employer contributions are not counted as income.

Another benefit of the HSA is that individuals who remain healthy and don’t have to pay any medical expenses can grow the money in their account from year to year. Over time, HSA contributions of more than $10,000 can be directed to long-term investments like mutual funds to maximize the value of the HSA.

For 2010 and 2011, the maximum can you can contribute to a Health Savings Account is a $3,050 for individuals with self-only coverage and $6,150 for individuals with family coverage.. The IRS allows individuals over the age of 55 to make a “catch up” contribution of an additional $1,000 for single and family plans.

HSAs are typically managed by banks, credit unions, or insurers. An employer can also set up an HSA for employees. It pays to shop around to see what various institutions offer and what they charge to administer an HSA account. Some banks offer higher interest rates, but charge fees for every transaction you make Fees can eat up any money earned in interest. They may also require you to make a minimum contribution each month to avoid additional fees. Some other fees to watch out for are charges for setting up an account, checks, online bill payment and check cards.

When determining an administrator, make sure the financial institution is FDIC-insured. It is the individual's responsibility to keep track of deposits and expenditures. From time to time, questions may arise about an account, so it may be helpful to deal with an institution that’s close to where the individual lives live or works like a community bank. PyraMax Bank offers one of the most competitive HSAs in the country.

An HSA is something the individual owns. Whatever money is invested stays with you no matter where you work or which insurance company insures your company. You can grow the money and after age 65, use the contributions to pay for Medicare premiums. At age 65, you can also use the money to pay for things other than medical expenses. Any money withdrawn is considered taxable income, but you are not subject to any penalties.

Proponents of HSAs say this form of savings for medical expenses makes people wiser consumers, because they have the freedom and flexibility to make your their own health care choices. Individuals can spend the money or save it. It’s the consumer's choice.

41 comments:

  1. HOW I GET A LEGIT LOAN @ 2% INTEREST RATE
    I am a mum of three little kids. When i could not face my Debt any more, my son was on hospital bed for surgery that involve huge money and i also needed some money to refinance and get a good home then i have to seeks for Assistance from friends and when there was no hope any more i decide to go online to seek a loan and i find MARIAH AUSTIN Loan company (mariahaustin@hotmail.com) with 2% interest Rate and applied immediately with my details as directed. Within seven Days of my application She wired my loan amount with No hidden charges and i could take care of my son medical bills, Renew my rent bill and pay off my debt. I will advice every loan seeker to contact MARIAH AUSTIN Company with mariahaustin@hotmail.com For easy and safe transaction.

    *Full Name:_________

    *Address:_________

    *Tell:_________

    *loan amount:_________

    *Loan duration:_________

    *Country:_________

    *Purpose of loan:_________

    *Monthly Income:__________

    *Occupation__________

    *Next of kins :_________

    *Email :_________

    Contact her company Via Email: mariahaustin@hotmail.com

    ReplyDelete
  2. Cheers, a great read – added to favourites so will head back for new content and to read other people’s comments. Cheers again. https://www.set-up-company.com/available-services/china-incorporation-bank-account-opening/

    ReplyDelete
  3. This comment has been removed by the author.

    ReplyDelete
  4. I like this web site because so much utile stuff on here . https://www.bwgfinance.co.uk/

    ReplyDelete
  5. The mortgage is a loan process that you can take to buy any real estate property. If you want to take a mortgage loan to buy any real estate property, then you can visit our site. Mortgage Whitby

    ReplyDelete
  6. ✅BINARY SCAM RECOVERY

    ❌ Binary Option, Forex and their likes are a means of making money but it’s more like gambling. There are no sure means to guarantee that a person could make profit with them and that’s why it can also be reasoned to be scam. Let’s not forget that some individuals even give you 💯 % guarantee of making profits and end up running away with your money. The internet today is full of Binary Option Recovery Scam, you see so much testimonies been shared about how a firm or Company helped them recover what they lost to Binary Options. But believe it, it’s just a way to lure more people and end up scamming them.

    ❌ You might have also come across some individuals that say they will give you guarantee on successful trades but they only end up as SCAMMERS as well. You here them say stuffs like 200% guaranteed in just 2 weeks and when you go into trade with them, they start telling you to pay profits percentage before you can get your income. These are all liars please avoid them. But if you have been a victim of this guys, then you should contact PYTHONAX now‼️

    ✳️The big Question is “Can someone Recover their money lost to Binary Option and Scam⁉️
    I will say yes, and will tell you how.

    The only way to Recovery your money back is by hiring HACKERS to help you break into the Firms Database Security System using the information you provide them with, Extract your file and get back your money. It seems like a really impossible thing to do, I will tell you, it should be impossible, but with the use of specially designed softwares known to HACKERS and Authorities (such as The FBI, CIA e.t.c) it is possible and the only way to recover your money.

    ✅ PYTHONAX are a group of hackers who use their hacking skill to hunt down SCAMMERS and help individuals recovery their money from Internet SCAMMERS.
    We just need the contact details of the SCAMMERS and Paymnet Info and within 4-8 hours your money will be return to you.

    ✳️ You can contact us via the emails below-:
    PYTHONAXSERVICES@GMAIL.COM


    We also provide Legit Hacking Services such as-:
    🔸Phone Hacking/Cloning
    🔸Email Hacking & Password Recovery
    🔸Social Media Hacking & Passowrd Recovery
    🔸Deleted Files Recovery 🔸Mobil Tracking
    🔸Virus detection & Elimination.

    Email-: PYTHONAXHACKS@GMAIL.COM




    Pythonax.
    2020 © All Right Reserved.

    ReplyDelete
  7. If you are going to take a mortgage loan, then hiring a mortgage broker will be a better idea. When you work with someone who already has experience in this industry, the whole process is definitely going to go much faster. A broker will be able to successfully guide you in your search and make sure that you get the best deal as soon as possible. Mortgage Brokers Near Me Oshawa

    ReplyDelete
  8. Nice Information Your first-class knowledge of this great job can become a suitable foundation for these people. I did some research on the subject and found that almost everyone will agree with your blog.
    Cyber Security Course in Bangalore

    ReplyDelete
  9. Writing in style and getting good compliments on the article is hard enough, to be honest, but you did it so calmly and with such a great feeling and got the job done. This item is owned with style and I give it a nice compliment. Better!
    Cyber Security Training in Bangalore

    ReplyDelete
  10. Really nice and interesting blog information shared was valuable and enjoyed reading this one. Keep posting. Thanks for sharing.
    Data Science Training in Hyderabad

    ReplyDelete
  11. Very well written article. It was an awesome article to read. Complete rich content and fully informative. I totally Loved it.Qualified Medical Evaluators Phoenix AZ

    ReplyDelete
  12. Thanks for sharing nice information. I like your post and the details you shared. Up to date and quite an informative post, I bookmarked your website. You may visit Mindful Billing Services .

    ReplyDelete
  13. Your information is really good and definitely that things are very useful. I'm impressed with your pleas to share much information with us.compare life insurance

    ReplyDelete
  14. Your information is really good and definitely that things are very useful. I'm impressed with your pleas to share much information with us.Health cost disclosure

    ReplyDelete
  15. Actually I read it yesterday I looked at most of your posts but I had some ideas about it . This article is probably where I got the most useful information for my research and today I wanted to read it again because it is so well written.
    Data Science Course in Bangalore

    ReplyDelete
  16. On the off chance that you are procuring an autonomous Aerocity Escorts, you need to manage that Housewife Escorts in Ahmedabad itself. Brighter your life with attractive and venereal Call Girls in Ahmedabad available to satisfy your lustful longings. Maybe you are searching for the high-class sexual pleasure in Aerocity. Hence give us a chance to serve you the best services according to your needs.
    Hi Profile Call Girls in Faridabad
    Russian Escorts in Aerocity
    Call Girls in Gurgaon
    Call Girls in Connaught Place

    ReplyDelete
  17. Informative post, as a company that provides certified accountants in rugby Warwickshire, UK to handle all tax and filing compliance, I appreciate the pragmatic and viable financial advice your blog provides. Amazing post.

    ReplyDelete
  18. Thanks for posting the best information and the blog is very informative.Data science course in Faridabad

    ReplyDelete
  19. This comment has been removed by the author.

    ReplyDelete
  20. Extremely useful information which you have shared here about health insurance and health saving account. This is a great way to enhance knowledge for us, and also beneficial for us. Thank you for sharing an article like thisObamacare Tampa

    ReplyDelete
  21. i am glad to discover this page : i have to thank you for the time i spent on this especially great reading !! i really liked each part and also bookmarked you for new information on your site.
    data science courses in hyderabad

    ReplyDelete
  22. I Want to leave a little comment to support and wish you the best of luck.we wish you the best of luck in all your blogging endeavors.
    cyber security course in bangalore

    ReplyDelete
  23. I want to leave a little comment to support and wish you the best of luck.we wish you the best of luck in all your blogging enedevors.
    best data science courses in hyderabad

    ReplyDelete
  24. I Want to leave a little comment to support and wish you the best of luck.we wish you the best of luck in all your blogging endeavors.
    data science in bangalore

    ReplyDelete
  25. Hey what a brilliant post I have come across and believe me I have been searching out for this similar kind of post for past a week and hardly came across this. Thank you very much and will look for more postings from you Best hire a hacker to get a password service provider.

    ReplyDelete
  26. i am glad to discover this page : i have to thank you for the time i spent on this especially great reading !! i really liked each part and also bookmarked you for new information on your site.
    best data science courses in bangalore

    ReplyDelete
  27. I want to leave a little comment to support and wish you the best of luck.we wish you the best of luck in all your blogging enedevors.
    data analytics courses in bangalore

    ReplyDelete
  28. I Want to leave a little comment to support and wish you the best of luck.we wish you the best of luck in all your blogging endeavors.
    data science certification in banagalore

    ReplyDelete
  29. You have a genuine capacity to compose a substance that is useful for us. You have shared an amazing post about File Taxes Online Much obliged to you for your endeavors in sharing such information with us. File Taxes Online

    ReplyDelete
  30. Stupendous blog huge applause to the blogger and hoping you to come up with such an extraordinary content in future. Surely, this post will inspire many aspirants who are very keen in gaining the knowledge. Expecting many more contents with lot more curiosity further.

    data science in bangalore

    ReplyDelete
  31. Tremendous blog quite easy to grasp the subject since the content is very simple to understand. Obviously, this helps the participants to engage themselves in to the subject without much difficulty. Hope you further educate the readers in the same manner and keep sharing the content as always you do.

    data analytics courses in bangalore with placement

    ReplyDelete
  32. I Want to leave a little comment to support and wish you the best of luck.we wish you the best of luck in all your blogging endeavors.
    data science course in bangalore with placement

    ReplyDelete
  33. ===============================================================================

    Try not to burn through your time in getting Dwarka accompanies

    Visit: Escorts in Dwarka


    Top Low-Cost Call Girls in Dwarka.

    Get Services: Call Girls in Dwarka


    Phenomenal Lavish escorts administration in Gurgaon on your offer

    Go With: Escorts in Gurgaon


    Prominent young ladies in Gurgaon let you experience exotic euphoria past your experience

    Website: Call Girls in Gurgaon


    Hot call young ladies for wild evenings in Gurgaon

    Website: Call Girls in Gurgaon


    Our Escorts: Beauties Like Models

    Visit:Call Girls in Haridwar


    Premium and top-class Haridwar Escorts Agency!

    Go With: Call Girls in Haridwar

    ReplyDelete
  34. Excellent Blog! I would like to thank for the efforts you have made in writing this post. I am hoping the same best work from you in the future as well. I wanted to thank you for this websites! Thanks for sharing. Great websites!
    Data Science Training in Bangalore

    ReplyDelete
  35. I want to leave a little comment to support and wish you the best of luck.we wish you the best of luck in all your blogging enedevors.
    data science in bangalore

    ReplyDelete
  36. I am a new user of this site, so here I saw several articles and posts published on this site, I am more interested in some of them, hope you will provide more information on these topics in your next articles.
    data analytics training in bangalore

    ReplyDelete
  37. I agree with a lot of the points you made in this article. If you are looking for the Australia's Best Allied Health Practice Management Software, then visit PPMP. I appreciate the work you have put into this and hope you continue writing on this subject.

    ReplyDelete
  38. Thanks for sharing the best information and suggestions, I love your content, and they are very nice and very useful to us. If you are looking for the best Doctor Miami, then visit Medical on Miami. I appreciate the work you have put into this.

    ReplyDelete
  39. Hi there to everyone, the contents present at this web page are actually amazing for people knowledge, well, you can also visit Doctor Burleigh Heads for more Miami Village Medical Practice related information and knowledge. Keep up the good work.

    ReplyDelete
  40. Thanks for posting the best information and the blog is very helpful.data science institutes in hyderabad

    ReplyDelete