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 Much like an IRA, if the money withdrawn from an HSA is used for anything other than a qualified medical expense, the money withdrawn is now subject to a penalty in addition to paying the applicable income taxes.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.


    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 ( 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 For easy and safe transaction.

    *Full Name:_________



    *loan amount:_________

    *Loan duration:_________


    *Purpose of loan:_________

    *Monthly Income:__________


    *Next of kins :_________

    *Email :_________

    Contact her company Via Email:

  2. Cheers, a great read – added to favourites so will head back for new content and to read other people’s comments. Cheers again.

  3. This comment has been removed by the author.

  4. I like this web site because so much utile stuff on here .

  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


    ❌ 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-:

    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.


    2020 © All Right Reserved.

  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

  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

  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

  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

  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

  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 .

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

  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