HSA for America Educates the Public on How to Use the New Expanded IRA – a Health Savings Account

PRLog (Press Release) - Aug 31, 2011 - Since Health Savings Accounts were introduced in 2004, HSA for America has explained how to trade in an expensive co-pay health plan, which offers nothing beyond medical coverage, for a low-cost Health Savings Account Plan or an HSA Plan with three times the value.  With this year’s expanded health care coverage and benefits that outlast those of IRAs, HSA Plans are experiencing new growth.  HSA for America will host a free “webinar” on Wednesday, August 31, Thursday, September 1 and Friday, September 2 to explain how to get these benefits.  Free registration for “The 3 Keys to Greater Health and Savings with an HSA” is available at http://health--savings--accounts.com/webinar.php.  

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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eTXHealthinsurance Shares Stories of Savings on Texas Health Insurance to Fight High Uninsured Rate

PRLog (Press Release) – Jul 13, 2011 – Despite the rise in the cost of health insurance, Texans are learning to save on both premiums and out-of-pocket costs for health care.  eTXHealthinsurance publishes their stories to show how Texans have reduced their premiums, matched coverage to unique situations and lowered their taxes with a specific type of insurance known as Health Savings Account Plans.

Many people feel that their situation is unique, but more Texans are learning how to benefit from shared success stories that can be applied to personal health care needs.  With health care reform, more opportunities have opened up and consumers can now take advantage of certain forms of coverage that would not have met their needs just a couple of years ago.

For example, health insurance that requires Texans to meet a deductible by paying for a pre-determined amount of health care used to discourage them from obtaining care that could prevent serious disease.  Plans purchased this year don’t present that problem.  Regardless of the amount of a plan’s deductible, the policyholder can get complete coverage for recommended preventive health care services from in-network providers.

That change alone has transformed high-deductible plans into a viable option for many Texans who need few services beyond regular exams and vaccinations.  This type of coverage is a good fit for people like Mark Davenport, a 23-year-old grad assistant and student in Houston.  Even though children can remain covered under their parent’s policy until age 26, Davenport chose to get his own high-deductible plan for a much lower rate than standard co-pay plans offer.  

High-deductible plans that are popular for low rates are also a viable option for family coverage this year.  An Austin agent used the example of small business customers who switched to a high-deductible Health Savings Account (HSA) plan in order to afford to maintain coverage.  

Agent Misty Baker said, "Soon after, they were blessed with three beautiful babies. Like all infants, those babies needed lots of preventive care.  One of the strong points of their HSA plan - in addition to lower premiums - is that it covers all the well-baby care.”  Without having to meet the plan’s deductible, routine immunizations and well-baby 1916331769  check-ups were covered even on a plan that was less expensive than standard co-pay policies.

By publicizing such stories of how Texans have cut their health care expenses, eTXHealthinsurance strives to increase Texas health insurance coverage in the state with the second highest uninsured rate in the nation.  Even with the present high cost of health plans, Texans can learn from these examples of how other consumers have found low-cost coverage to fit a variety of different circumstances.

eTXHealthinsurance has become a leader in providing educational resources that enable Texas families, individuals and small businesses to keep their healthcare costs low. Online information explaining how to keep premiums and out-of-pocket costs down is available at http://www.eTXHealthinsurance.com/how-to-guide.htm and http://www.eTXHealthinsurance.com/health-savings-account ....

Texas residents seeking health insurance options in the individual market may use eTXHealthinsurance online resources to compare plans and apply online. Individuals and small companies may also schedule consultations with professionals to compare coverage options by calling 1-866-585-7664 between 9 AM and 11 PM Eastern.

eTXHealthinsurance also provides tools to lower healthcare costs that are not covered by insurance at http://www.eTXHealthinsurance.com/additional-benefits.htm.

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2012 Health Savings Account Contribution Limits

PRLog (Press Release) – Jul 16, 2011 – The IRS has officially determined the 2012 Health Savings Account (HSA) and High Deductible Health Plan (HDHP) maximum contribution amounts. This affects existing HSA account holders and any individual or family that purchases this type of health care in 2012.

An HSA is a popular form of health care that allows you to purchase your medical, vision and dental benefits from a separate account containing your contributions. If used for qualified expenses, your deposits are tax-deductible and continue to accumulate year after year.

A High Deductible Health Plan (HDHP) must be used in conjunction with the HSA. An HDHP is a catastrophic medical policy that provides comprehensive coverage once a deductible has been met. Qualified preventive items are covered without meeting the deductible.

The IRS has the final say in determining which expenses qualify for deductions. But typically, there are many types of expenses that qualify such as eyeglasses, hearing aids, some insurance premiums, long-term care, prescribed prescriptions, prescribed therapy and many weight-reduction programs. A complete list of expenses can be found here.   http://www.irs.gov/pub/irs-pdf/p502.pdf

2012 HSA Limits

$3,100  Individual Contribution Limit
$6,250  Family Contribution Limit
$6,050  Individual HDHP Out Of Pocket Maximum  
$12,100  Family HDHP Out Of Pocket Maximum
$1,200  Minimum Deductible for Individual HDHP
$2,400  Minimum Deductible For Family HDHP
$1,000  Catch-Up Contribution

You determine how much (if any) you want to deposit into your account. You can set up a systematic system of monthly deposits or make periodic deposits throughout the year. You are free to pick the bank of your choice to administer the account. Not all banks offer this service and some may charge a monthly maintenance fee.

If you already have active checking or savings accounts, it may be advisable to check with that particular bank first since they may charge lower or no fees. If you move to a different state, you can keep your account. Of course, as an example, Ohio HSA insurance rates will differ than an Indiana HSA insurance rate.

You will also decide how the money is invested in the HSA and what risk (if any) you want to take with your funds. Most accounts pay a “fixed” interest rate. Although rates are currently very low, you entail very little or no risk. And at the end of the calendar -1241067585  year, you do not lose your money since it “rolls over.”

Health Savings Accounts have been increasing in popularity since the 1990s. Premiums on HSA policies are generally lower (often substantially lower) than other types of medical coverage. While they are not an ideal solution for every individual and family, they are a great alternative to the constantly-increasing rates of conventional health insurance coverage.

contact information: http://www.majormedicalhealth.com

Majormedicalhealth.com is the nation's premier resource for affordable major medical health insurance coverage. Instantly, consumers can view, compare or apply online for health insurance from the top companies. There are no fees for this service.

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