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Health Savings Accounts (HSA)

What is an HSA?

An HSA is a tax-favored savings account similar to an IRA, designed for the purpose of paying medical expenses by also utilizing a qualified high deductible health insurance plan.


How does an HSA plan work?

An HSA works in conjunction with a high deductible health insurance plan and a tax-favored savings account. Money that is put in the savings account, helps pay for the medical expenses till the deductible is met. Once the deductible is met, the insurance plan starts paying. Money that is left in the savings account earns interest, tax-deferred and is yours to keep.


What is a qualified high deductible?

To receive the benefits of an HSA, the law requires that the savings account be combined with a qualified high deductible insurance plan. The minimum deductible for 2010 for self only coverage is $1,200 or $2,400 for family coverage.


What are the benefits of an HSA?

In 2010 you can contribute up to $3,050 for an individual and $6,150 for family coverage. * Individuals who are 55 and older can contribute an additional catch-up contribution of $1,000.


Tax-deductible : Contributions to the HSA are 100% deductible; similar to an IRA.

  • Tax-deferred : Interest earnings accumulate tax-deferred, and if used for medical expenses, are tax-free.
  • Tax-free: Withdraws to pay for qualified medical expenses are never taxed.
  • Your money: Money in your HSA account is never forfeited at the end of the year; it continues to grow, tax-deferred.

HSA plans are really simple. The money you save from a traditional health insurance plan, can be put into your tax-advantage savings account, and then is withdrawn to help pay your qualified high deductible or pay for other qualified medical expenses tax-free. Any money that is not used in your health savings account will roll over year after year earning interest that is tax-deferred, and if used for qualified medical expenses now or after retirement, the money in savings account will never be taxed. Many cases, if properly set up can be 40% to 50% less than traditional health insurance. By making the decisions on how and when to spend the money in your own savings account, you won't pay for coverage you don't need.

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In 2009 the minimum deductible for an individual coverage only is $1,150 and can contribute up to $3,000 and $2,300 for family coverage which can contribute up to $5,950. * Individuals 55 and older can contribute an additional catch-up contribution of $1000.

Integrity Financial Insurance Agency, Inc. and its legal entities are not engaged in rendering tax, investment or legal advice. If tax, investment or legal advice is required, seek the services of a licensed professional. Federal and state tax regulations are subject to change. For more information on HSA's and taxes visit the U.S. Department of Treasury website at www.ustreas.gov.