Health Savings Accounts: Affordable

Health Savings Accounts provide affordable, attainable, flexible, and comprehensive health insurance to the single individual, families, elderly, the health and the sick. Health Savings Accounts provide coverage to anyone in any situation. If you are looking for low cost health insurance and are incredibly healthy a health Savings Account is a great option for you. If you have a terminal illness you are eligible to receive coverage through a Health Savings Account. Anyone from any walk of life can find great benefit by enrolling in a Health Savings Account.

Health Savings Accounts: Teaching a Generation

Health Saving Accounts are now allowing the knowledgeable to choose to stay health and get healthier, as opposed to getting back to health or fixing a health problem. I remember a saying from growing up that goes: "An ounce of prevention is worth a pound of cure." I am seeing the food industries cater to the desires of a health conscious sector of Americans. I know that a person has chooses and flexibility to also use his hard earned monies on these health choices and get reimbursed or write them off now.

It is our hope that we will teach the new generations to also take advantage of Health Savings Accounts to stay and get healthier by choice.

Health Savings Accounts: Alternative Health

Health Savings Accounts are amazing when mentioned to the health conscious individual. They see the healthy person in all its forms. Think of this when making you next choice for health care option for you and your family. It may just make all the difference in your families life.

Health Savings Accounts: Health Savings VS Flexible Spending

When comparing Flexible Spending Accounts and Health Savings Accounts you will find that Health Savings Accounts, first and foremost, allow the policy
holder to participate in a greater number of qualified medical expenditures. Flexible Spending Accounts are limited in the type of services one can receive. Unlike Flexible Spending Accounts, Health Savings Accounts will cover the following:
• Travel expenses, meals and lodging while away from home for medical treatment.
• Over the counter medications including vitamins and cold medicine
• Preventive health measures such as smoking cessation classes and diabetic teaching.
• Therapies such as holistic and alternative therapies.

Health Savings Accounts: New Laws, Stiring up Excitement!

Health Savings Accounts (HSA) have been sweetened considerably by the new law that President Bush signed on December 20th 2006 (Health Opportunity Patients Empowerment Act of 2006). I have seen a influx of interested parties wanting to take advantage of the one time transfer allowed by the new law, to transfer monies in a Flexible Spending Accounts (FSA) or a Health Reimbursement Accounts (HRA) to fund a Health Savings Account. The ability to transfer money out of an IRA (trustee to trustee) to fund a HSA has even brought more interest. All of these new options for the 2007 year are an outstanding improvement to help Americans own their medical health choices and have their much wanted flexibility too.

Health Savings Accounts: Bush Bill to Make Health Care more Affordable & Assesible

Health Savings Accounts now more accessible and more affordable.

Washington, DC- President George W. Bush signed the Health Opportunity Patient Empowerment Act of 2006 today, enhancing Americans' access to tax-advantaged health care savings. The law, part of the Tax Relief and Health Care Act of 2006, provides new opportunities for health savings account (HSA) participants' to build their funds.

HSA provisions of the Act include:

Allow rollovers from health FSAs and HRAs into HSAs through 2011.

Employers can transfer funds from Flexible Spending Arrangements (FSAs) or Health Reimbursement Arrangements (HRAs) to an HSA for employees switching to coverage under an HSA-compatible health plan. The amounts rolled over to HSAs from FSAs or HRAs are over and above the amounts allowed as annual contributions. The maximum contribution is the balance in the FSA or HRA as of September 21, 2006, or if less, the balance as of the date of the transfer. The provision is limited to one distribution with respect to each health FSA or HRA of the individual. If an individual does not remain an eligible individual for the 12 months following the month of the contribution, the transferred amount is included in income and subject to a 10 percent additional tax.

Increase in annual HSA contribution.

Previously, the maximum HSA contribution was the lesser of the deductible of the individual's HSA-eligible plan or a statutory maximum. The new rules make the limit the statutory maximum contribution, regardless of the individual's deductible. For 2007, the maximum contribution for an eligible individual with self-only coverage is $2,850, and the maximum contribution for an eligible individual with family coverage is $5,650. These limits are indexed for inflation.

Full HSA contribution regardless of month individual becomes eligible.

Normally, the HSA contribution is pro rated based on the number of months that an individual during the year a person was an eligible individual. The new provisions provide an exception to this rule that will allow individuals who become covered under an HSA-eligible plan in a month other than January to make the maximum HSA contribution for the year based on their coverage in the last month of the year. This eliminates a common barrier to switching to HSA-eligible coverage. If an individual does not stay in the HSA-eligible plan 12 months following the last month of the year of the first year of eligibility, the amount which could not have been contributed except for this provision will be included in income and subject to a 10 percent additional tax.

One-time transfer from IRAs to HSAs.

The new rules allow for a one-time contribution to an HSA of amounts distributed from an Individual Retirement Arrangement (IRA). The contribution must be made in a direct trustee-to-trustee transfer. The IRA transfer will not be included in income or subject to the early withdrawal additional tax. The transfer is limited to the maximum HSA contribution for the year, and the amount contributed is not allowed as a deduction. Generally, only one transfer may be made during the lifetime of an individual. If an individual electing the one-time transfer does not remain an eligible individual for the 12 months following the month of the contribution, the transferred amount is included in income and subject to a 10 percent additional tax.

Certain FSA coverage treated as disregarded coverage.

Under previous law, if an FSA had a grace period following the end of the plan year allowing participants to incur additional reimbursable expenses, participants were treated as having disqualifying coverage, reducing their HSA contribution for that year, even though they had switched to HSA-eligible coverage at the first of the year. The new rules treat certain FSA coverage during a grace period as disregarded coverage, eliminating any resulting reduction in the HSA contribution for the year. First, the coverage is disregarded if the balance in the health FSA at the end of the plan year is zero. Second, the coverage is disregarded if the year-end balance is transferred directly to an HSA from the FSA, as noted above.

Earlier indexing of cost of living adjustments.

Previously, indexing was based on a 12-month period ending on August 31. The new rules change the base period to the 12-month period ending on March 31 and require that adjusted amounts for a year be published by June 1 of the preceding year. This change will provide employers and health plans with more time to design qualifying HSA-eligible plans and individuals with more time to make decisions about their health care for the next year.

Allow greater employer contributions for lower-paid employees.

Previously, employer contributions under the comparability rules had to be the same amount or percentage of the deductible for all employees with the same category of coverage. Consequently, employers could not contribute higher amounts to lower-paid employees. The new rules provide an exception to the comparability rules allowing employers to contribute more to the HSAs of non-highly compensated individuals. For this purpose, the definition of "highly compensated employee" is based on same definition used for qualified retirement plans.

The Department of The Treasury: Press Room

Health Savings Accounts: Improving Patient And Physician Relationships

Choice!

When you think about an ideal health Insurance Policy, what would that consist of? Would you be able to choose the types of medical care you receive rather than having it dictated to you by the insurance company? Would you like to choose the physician you go to rather than picking from a list of approved doctors? Health Savings Accounts give you the opportunity to do just that. Take your healthcare into your own hands and guide how and where your healthcare is delivered. Health Savings Accounts take the third party out of the mix and provide a consumer focused insurance plan.

Choice!

Health Savings Accounts: Allowing for flexibility and individual discretion

Health Savings Accounts offers an alternative to traditional health insurance. Designed to help individuals to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis. Health Savings Accounts offer control over health care decisions and treatments. Health Savings Accounts provide individuals and families with greater financial control over their specific health care needs. As well as the ability to save for future health care incidents.

Health Savings Accounts contribute to medical expenses that are not typically covered by conventional insurance policies, thus allowing individuals and families the means to explore alternative therapy and other prevention treatments. Traditional insurance policies structure treatment through in-network referrals and care. Health Savings Accounts can allow you to seek treatment both in and out of network. A Health Savings Account is different from that of more traditional flexible spending account, in that the funds that are deposited into a Health Savings Account will roll over into the next fiscal year. A Health Savings Account can accrue non-taxable interest and can be used for other non health care relation incidents.