Why choose an HSA?
· The HDHP generally costs less than traditional health care coverage. Money saved on the insurance premium can be put into the HSA. – Texas Health Insurance
· Contributions to your HSA are tax deductible. IRS guidelines in 2010 & 2011 allow max contributions up to $3050 for individuals and $6150 for a family plan. If you are over 55, you can contribute an additional $1000 to your HSA. If you have a spouse who is over 55, you must open a second account in order to take advantage of the catch up contribution. – Texas Individual Health Insurance
· After age 65, HSA funds can be used for non qualified expenses without penalty. Only income tax is assessed. Texas Health Insurance
· Use the pre-tax funds in your HSA to pay for current medical expenses or expenses that your insurance may not cover including dental expenses, vision care, Medicare expenses, and long term care. See publication 502 on the IRS website for a complete list of qualified expenses. Texas Individual Health Insurance
· Save the money in your HSA for future medical expenses.
· No use it or lose it philosophy – the HSA funds remain in the account from year to year. Even if your HSA compatible coverage ends, you can still use the funds tax free for qualified medical expenses. Texas Health Insurance
· You are in control of your HSA. Funds belong to you even if you switch jobs, become unemployed, or change your medical coverage. Texas Individual Health Insurance
Tags: Texas Health Insurance, Texas Individual Health Insurance
