Health Savings Account

Online Guide to
Health Savings Accounts

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Health Savings Account
Health Savings Account (HSA) (n. - definition) - a savings plan that allows taxpayers to use pretax income to pay for current and future medical expenses. It is often combined with a high deductible health insurance plan.
Health Savings Account

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  • Health Savings Accounts (HSA) were brought about by legislation signed in 2003.

  • Health Savings Accounts expand the provisions and enhance the benefits associated with Medical Savings Accounts.

  • Health Savings Accounts can be funded by both the employer and/or employees

  • Employer contributions are tax deductible but cannot be discriminatory.

  • Contributions to HSA accounts can be made up to the time the individual files their income tax, excluding extensions.

  • Health Savings Accounts allow unused balances to remain in the account until used.

  • Health Savings Accounts allow self employed persons and members of groups to be participant in the plan as long as they are under the age of 65, have a qualified high deductible health plan and are not covered under another health plan.

  • Basically individuals with $1000 deductible health plans with $5000 cap on “out of pocket” costs, and family plans with a $2000 deductible and $10,000 cap on “out of pocket” costs can have Health Savings Accounts.

  • Individuals can contribute up to $2600 and those with family plans can contribute up to $5150 tax deductible, exempt from FICA and FUTA taxes into their Health Savings Account.

  • Rollovers from Medical Savings Accounts to Health Savings Accounts are permitted.

  • Those between age 55-65 have an additional $500 catch-up provision which can be contributed to the HSA plan.

  • Distributions from Health Savings Accounts are not taxable as long as they are used for a qualified medical expense and include; premiums for long term care, chiropractic services, COBRA coverage, medical, dental, vision, and or any other necessary medical expense as defined by IRS rules.

  • Monies in the accounts grow on a tax deferred basis.

  • Health Savings Accounts are permanent accounts and don’t expire.

  • Monies taken from Health Savings Accounts and not used for health purposes will be considered a taxable distribution, with IRS penalties.

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Copyright © 1998-2007. Health Savings Account Information Guide. All rights reserved.

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