|
Health Savings Accounts, HSA's, were signed into law by President
Bush, on December 8, 2003 and became effective January
04. HSA's are perfect for Dentists, Physicians, Attorneys and
other Professionals and their employees. This new law is an
expansion of the past MSA law, which allowed eligible people
that purchased a "Qualified High Deductible Health Plan" to
contribute to an extra Medical IRA. Now everyone who purchases
this "High Deductible Plan" will be eligible to contribute up
to 100% of their deductible every year into an Medical IRA
account.
2008 Maximum HSA Account Contribution is $2,900 for
individuals, families $5,800 plus
additional catch-up contributions of $900 each adult if you
are over age 55. Total Maximum is $7,600.
Concept
is Easy as;
- Save thousands of dollars on insurance premium.
Purchase a "qualified" high deductible health
plan (HDHP) vs. the Association, Group Health, or Lower
Deductible Individual plan. This is what qualifies you to
contribute. You have to make sure your plan meets the HDHP
definition, or you will not be eligible? Most traditional
PPO plans on the market do not meet the definition.
- Invest premium savings into a Tax Deductible Medical
IRA Account (HSA) and use this account to reimburse
yourself for medical expenses during the year. If you do
not need the money it stays in the account and grows for
you tax deferred. Best of all, you can continue to contribute
each year and create a large amount of money to help pay
for future medical costs always free of taxes!
- Request A Quote
How to set
up an HSA for your employees
Wells Fargo HSA Account Presentation
|
