“HSA’s may well be the salvation of our increasingly dysfunctional health care system” (Steve Forbes, December, 2003)
Millions of individuals and small businesses have enrolled in Health Savings Accounts since they became available January 1, 2004. The advantages of a HSA can be summarized by 5 simple points:
- Premium Savings!!! HSA qualified health insurance policies are normally priced 25% to 40% lower than traditional plans.
- Tax Deduction!!! In addition to IRA’s, 401K’s and Keogh plans, you can establish a HSA. Who can’t use another tax deduction? A family is allowed to contribute a maximum of $5,950 in 2009. These maximums are available no matter which high deductible policy is selected.
- Tax Free Purchases!!! In addition to medical expenses that are eligible under your insurance policy, you can use your HSA funds for other items. These include eye glassses and contacts, plus, non-prescription drugs such as cold medications and allergy treatments.
- It’s YOUR money!!! Your unused HSA funds earn tax free interest and rollover year to year. At age 65, you can use the accumulated funds for retirement by changing to an IRA.
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