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We value your time in reviewing our products and will not make your information available to any other source.  Only one insurance agent will contact you.  Please view our website policy information. Thank you. A Health Savings Account (HSA) is an account that you can put money into to save for future medical expenses. There are certain advantages to putting money into these accounts, including favorable tax treatment. HSAs were signed into law by President Bush on December 8, 2003. A Health Savings Account must have a specific High Deductible Health Plan before the HSA is allowed to be set up  What is an HSA? A health savings account (HSA) is a tax-favored savings account created for the purpose of paying medical expenses. ... Tax-deductible- Contributions to the HSA are 100% deductible (up to the legal limit) — just like an IRA. ... Tax-free- Withdrawals to pay qualified medical expenses are never taxed. ... Tax-deferred- Interest earnings accumulate tax-deferred, and if used to pay qualified medical expenses, are tax-free. ...HSA money is yours to keep- Unlike a Flexible Spending Account, unused money in your HSA isn’t forfeited at the end of the year; it continues to grow, tax-deferred. How does an HSA plan work? An HSA works in conjunction with high deductible health insurance.  Your HSA money can be used to help pay the health insurance deductible and qualified medical expenses not covered by the health insurance, including dental and vision.  Any funds you withdraw for non-qualified medical expenses will be taxed at your income tax rate plus 10% tax penalty.  If you meet the deductible with covered expenses, the health insurance pays remaining covered expenses in accordance with the terms and conditions of your particular plan. What is a qualified medical expense?* A qualified medical expense is one for medical care as defined by Internal Revenue Code Section 213(d). The expenses must be primarily to alleviate or prevent a physical or mental defect or illness, including dental and vision. Most expenses for medical care will fall under IRC Section 213(d).  HSA money cannot generally be used for insurance premiums. See Publication for exceptions. *See IRS Publication 502 (“Medical and Dental Expenses”) and IRS Publication 969 (“Health Savings Accounts and Other Tax-Favored Health Plans”) for more information. For more detailed information on changes in HSA law, visit the IRS website and talk with your tax advisor. This site is presented as general information, and not as an advertisement of, or solicitation for any health insurance product. Precise HSA tax effects depend on federal law. We recommend that you see your tax advisor for specific tax advice. 2010 HSA Adjusted Inflation Rates Each year, the Treasury Department and Internal Revenue Service determine guidelines for deductible minimums, out-of-pocket maximums, and contribution maximums for high deductible health plans that must be used in conjunction with health savings accounts (HSAs). The chart below shows the changes for 2010: Requirements for HSAs    2010 Single Plan 2010 Family Plan  2009 Single Plan  2009 Family Plan Minimum Deductible     $1,200      $2,400     $1,150       $2,300 Maximum Out-of-Pocket  $5,950  $11,900  $5,800  $11,600 Contribution Maximum  $3,050  $6,150  $3,000  $5,950 Catch-up Contributions (age 55 and older): $1,000 HSA Training Video  for additional info HSA information texas health insurance Individual & family health insurance    texas medicare supplement insurance Senior health texas group insurance Texas Small Group 2-50 employees texas dental insurance Dental plans for  beautiful smiles texas life insurance Protecting our loved ones travel health insurance International travel health insurance texas student insurance Student health insurance plans texas short term insurance Texas Short Term health plans texas insurance product list Provider Finder Applications Consumer Info On Insurance Plans
We value your time in reviewing our products and will not make your information available to any other source.  Only one insurance agent will contact you.  Please view our website policy information. Thank you.
Treasury 2010 HSA Contribution Levels New Annual Contribution Levels for HSAs: • For 2010, the maximum annual HSA contribution for an eligible individual with self-only coverage is $3,050. • For family coverage, the maximum annual HSA contribution is $6,150. •Catch up contribution for individual who are 55 or older is $1,000 (set by statute and unchanged from 2009). •Individuals who are eligible individuals on the first day of the last month of the taxable year (December for most taxpayers) are allowed the full annual contribution (plus catch up contribution, if 55 or older by year end), regardless of the number of months the individual was an eligible individual in the year. For individuals who are no longer eligible individuals on that date, both the HSA contribution and catch up contribution apply pro rata based on the number of months of the year a taxpayer is an eligible individual. New Amounts for Out-of-Pocket Spending on HSA-Compatible HDHPs: • For 2010, the maximum annual out-of-pocket amounts for HDHP self-coverage increase to $5,950 and the maximum annual out-of-pocket amount for HDHP family coverage is twice that, $11,900. Minimum Deductible Amounts for HSA-Compatible HDHPs: • For 2010, the minimum deductible for HDHPs increases to $1,200 for self-only coverage and $2,400 for family coverage.
HSA BASICS* Who Can Have an HSA Any adult can contribute to an HSA if they: • Have coverage under an HSA-qualified “high deductible health plan” (HDHP) • Have no other first-dollar medical coverage (other types of insurance like specific injury insurance or accident, disability, dental care, vision care, or longterm care insurance are permitted). • Are not enrolled in Medicare. • Cannot be claimed as a dependent on someone else’s tax return. Contributions to your HSA can be made by you, your employer, or both. However, the total contributions are limited annually. If you make a contribution, you can deduct the contributions (even if you do not itemize deductions) when completing your federal income tax return. Contributions to the account must stop once you are enrolled in Medicare. However, you can keep the money in your account and use it pay for medical expenses tax-free. High Deductible Health Plans (HDHPs) You must have coverage under an HSA-qualified “high deductible health plan” (HDHP) to open and contribute to an HSA. Generally, this is health insurance that does not cover first dollar medical expenses. Federal law requires that the health insurance deductible be at least: $1,100* -- Self-only coverage $2,200* -- Family coverage In addition, annual out-of-pocket expenses under the plan (including deductibles, co-pays, and co-insurance) cannot exceed: $5,600* -- Self-only coverage $11,200* -- Family coverage In general, the deductible must apply to all medical expenses (including prescriptions) covered by the plan. However, plans can pay for “preventive care” services on a first-dollar basis (with or without a co-pay).  "Preventive care" can include routine pre-natal and well-child care, child and adult immunizations, annual physicals, mammograms, pap smears, etc. Finding HDHP Coverage Any company that sells health insurance coverage in your state may offer HDHP policies. Although Treasury cannot recommend any specific names of companies selling these policies, you should be able to find a qualified policy by contacting your current insurance company, an agent or broker licensed to sell health insurance in your state, or your state insurance department. HSA Contributions You can make a contribution to your HSA each year that you are eligible. Advantages of HSAs Security – Your high deductible insurance and HSA protect you against high or unexpected medical bills. Affordability – You should be able to lower your health insurance premiums by switching to health insurance coverage with a higher deductible. Flexibility – You can use the funds in your account to pay for current medical expenses, including expenses that your insurance may not cover, or save the money inyour account for future needs, such as: • Health insurance or medical expenses if unemployed • Medical expenses after retirement (before Medicare) • Out-of-pocket expenses when covered by Medicare • Long-term care expenses and insurance Savings – You can save the money in your account for future medical expenses and grow your account through investment earnings. Control – You make all the decisions about: • How much money to put into the account • Whether to save the account for future expenses or pay current medical expenses • Which medical expenses to pay from the account • Which company will hold the account • Whether to invest any of the money in the account • Which investments to make Portability – Accounts are completely portable, meaning you can keep your HSA even if you: • Change jobs • Change your medical coverage • Become unemployed • Move to another state • Change your marital status Ownership – Funds remain in the account from year to year, just like an IRA. There are no “use it or lose it” rules for HSAs. Tax Savings – An HSA provides you triple tax savings: (1) tax deductions when you contribute to your account; (2) tax-free earnings through investment; and, (3) tax-free withdrawals for qualified medical expenses. Catch-Up Contributions Individuals age 55 and older can also make additional “catch-up” contributions. See brochure for the maximum annual catch upcontribution this year. Using Your HSA You can use the money in the account to pay for any “qualified medical expense”  permitted under federal tax law. This includes most medical care and services, and dental and vision care, and also includes over-thecounter drugs such as aspirin. You can generally not use the money to pay for medical insurance premiums, except under specific circumstances, including: • Any health plan coverage while receiving federal or state unemployment benefits. • COBRA continuation coverage after leaving employment with a company that offers healthinsurance coverage. • Qualified long-term care insurance. • Medicare premiums and out-of-pocket expenses,including deductibles, co-pays, and coinsurance for: �� Part A (hospital and inpatient services) �� Part B (physician and outpatient services) �� Part C (Medicare HMO and PPO plans) �� Part D (prescription drugs) You can use the money in the account to pay for medical expenses of yourself, your spouse, or your dependent children. You can pay for expenses of your spouse and dependent children even if they are not covered by your HDHP. Any amounts used for purposes other than to pay for “qualified medical expenses” are taxable as income and subject to an additional 10% tax penalty. Examples include: • Medical expenses that are not considered “qualified medical expenses” under federal tax law (e.g., cosmetic surgery). • Other types of health insurance unless specifically described above. • Medicare supplement insurance premiums. • Expenses that are not medical or health-related.After you turn age 65, the 10% additional tax penalty no longer applies. If you become disabled and/or enroll in Medicare, the account can be used for other purposes without paying the additional 10% penalty. What Happens to My HSA When I Die? If your spouse becomes the owner of the account, your spouse can use it as if it were their own HSA. If you are not married, the account will no longer be treated as an HSA upon your death. The account will pass to your beneficiary or become part of your estate (and be subject to any applicable taxes). Need More Information about HSAs? Treasury’s web site has additional information about Health Savings Accounts, including answers to frequently asked questions, related IRS forms and publications, technical guidance, and links to other helpful web sites. Treasury’s HSA website can be found through www.treas.gov (click on “Health Savings Accounts”) or directly at the following address:http://www.treas.gov/offices/public-affairs/hsa/. *www.ustreas.gov/offices/public-affairs/hsa/pdf/HSA-Tri-fold-english-07.pdf

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