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| Health Savings Account |
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What
is a Health Savings Account?
A Health Savings Account (HSA) is a tax-favored savings
account that is combined with high deductible insurance
to help pay your medical expenses. The savings in the
account pay your health costs until the deductible is
met and the insurance takes over payment. |
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How
does it work?
Each year, you or your employer are entitled to contribute
the amount of your health plan’s deductible. This
contribution is 100 percent tax deductible. You then withdraw
money from the account as needed. |
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What
happens to the remaining money when my deductible is met?
Your insurance takes over payment of health costs. The
savings account can be used to pay co-pays. |
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What
if I never meet my deductible? Do I lose the remaining
money?
Absolutely not! The remaining money in the
HSA is your money. It will continue to accrue interest
and will remain in your account year after year until
you withdraw it. |
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Who
can qualify for an HSA?
The individual must be:
1) Covered by high deductible medical insurance;
2) Not covered under other health insurance; and
3) Not entitled to Medicaret. |
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Can
my spouse have an HSA?
Yes, provided he or she is covered under his
or her own high deductible medical insurance. If both
of you have HSAs, the maximum tax-deductible savings account
contribution for each is equal to one-half of the maximum
tax-deductible family contribution limit. This limit is
determined by the deductible level of your medical plan. |
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What
kind of reports will I get?
You will receive quarterly statements showing
deposit and withdrawal activity with your account balance. |
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Are
there HSA management fees?
Yes. Minimal. |
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How
do HSA's work with Physician and Provider networks?
Paying the bill: If you have network coverage,
you should not pay for your in-network medical care at
the time of service. Your provider will send the bill
to the network for re-pricing at the discounted rate. |
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The
Benefits of an HSA
- Your
savings can pay 100 percent of medical costs until
the deductible is met.
- Your
savings can be used to pay non-covered medical expenses
such as dental and vision.
- Your
savings can be used to purchase over-the-counter drugs
and long-term care insurance.
- It is
your account. If you change jobs it goes with you.
- It can
be used to cover co-payments once your deductible
is met.
- During
any period of unemployment, your savings can be used
to pay health insurance premiums.
- Your
employer can make contributions to your account.
- After
age 55, you can make additional contributions over
the amount of your deductible
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Tax
Benefits
What are the benefits?
- All
contributions are 100 percent tax deductible.
- All
accrued interest is tax deferred. If withdrawn for
medical expenses, all interest is tax free.
- After
age 65 you can withdraw funds for any reason, without
tax penalty.
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What are the tax deductible contribution limits?
Monthly contribution limits are based on:
1) The medical insurance deductible amount;
2) Whether you have single or family coverage under the
high deductible medical insurance; and
3) Medicare eligibility. You may no longer contribute
once you become entitled to Medicare.
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Singles |
Families |
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Deductible |
$1,000 $1,700 $2,600 |
$2,000 $3,450 $5,150 |
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Maximum Monthly Deposit
(Tax-Deductible Limit)* |
$83.33 $141.66 $216.66 |
$166.66 $287.50 $429.16 |
| *Those
individuals 55 and over may contribute an additional $500
for tax year 2004. |
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