This year, HSA Plans offer more health care thanks to health care reform. Not even HSA-qualified health insurance policies with the highest deductibles have any out-of-pocket expense for preventive services from in-network doctors. This added coverage has increased the demand for such plans that typically have the best prices on premiums.
While HSA Plans carry the same tax-free-earnings benefit and the tax-deduction advantage to lower taxable income that IRAs do, HSA Plans don’t limit those benefits to people under 65. HSA Plans allow seniors to keep their investment growing with tax-free earnings and to continue deducting HSA contributions to reduce taxes.
By removing the limits on preventive health care and the under-65 age restriction for IRA-like tax advantages, HSA Plans have become so attractive that consumers are doubling up with a second HSA. The IRS allows individuals to have multiple Health Savings Accounts, so consumers may combine an investment-oriented HSA with a cash-based one to be used for current health care expenses.
The original HSA provides tax-free distributions to pay for qualified health care expenses without any restriction on age. The second HSA acts as a pure investment option. Unlike an IRAs or a Roth, which require seniors to start withdrawing funds, an HSA lets them continue growing their retirement account with tax-free earnings.
HSA Plans offer investment options that rival IRAs, such as bonds, no-load mutual funds or stocks. Interest-earning savings accounts are another option. Pre-65-year-olds are penalized for withdrawing funds to be spent on anything other than qualified health care, but after 65, there’s no penalty for withdrawing HSA funds regardless of how the money is spent. Taxes are still due on withdrawals, though.
Consumers can learn how to maximize both savings and tax advantages by combining low-cost health insurance policies with Health Savings Accounts. The HSA for America free online “webinar” offers the chance to learn from HSA experts about how to select an HSA-qualified health plan, how to establish a Health Savings Account, and how to compare fees, investment options and services. Registration for “The 3 Keys to Greater Health and Savings with an HSA” is available at http://health--savings--accounts.com/webinar.php on a first-come, first-served basis. The webinar will be held on Wednesday, August 31, Thursday, September 1, and Friday, September 2 with a choice of three available times.
About HSA for America:As the nation's leading independent HSA expert, HSA for America has earned a reputation for providing superior educational resources for individuals, families and small businesses. With a comprehensive website at http://www.health--savings--accounts.com/, consumers can evaluate high-deductible health insurance plans that allow them to establish an HSA.
Guidelines for selecting an HSA administrator based on fees and investment options are readily available at http://www.health--savings--accounts.com/admins.htm. Topics to help consumers maximize their savings on premiums and taxes can be found at http://www.health--savings--accounts.com/how-to-guide.htm.
Consumers may access HSA for America’s instant quote engine and online applications or request individualized assistance. Confidential consultations regarding HSA Plans and Health Reimbursement Arrangements may be arranged by calling 1-866-749-2039 from 9 AM through 11 PM Eastern.
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