Hello everyone. I would appreciate any help in regards to explaining to the client how an hsa works with prescriptions. What are the normal discounts, reimbursements, and is the discount applied at time of purchase. I am looking for a more polished explanation than what I am currently rambling on about. Any help is greatly appreciated. Thanks to all.
Hsa Question
- Thread starter Go Green
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An HSA is an opportunity for health concious
families to save money on their health care costs. This is accomplished by only insuring the higher risk and saving the difference in a tax deferred account. This account comes with a debit card with which you pay for everything related to your health care, up to the deductible. At the point at which the WHOLE family reaches the deductible, the plan pays the rest if it is a 100% plan. There are 80/20 also. The HSA is an IRA-type account and they can add up to the deductible every year and it rolls over. It becomes another retirement account. Can't have too many. Some people will fund the account right away by transferring money from another tax-qualified account.
families to save money on their health care costs. This is accomplished by only insuring the higher risk and saving the difference in a tax deferred account. This account comes with a debit card with which you pay for everything related to your health care, up to the deductible. At the point at which the WHOLE family reaches the deductible, the plan pays the rest if it is a 100% plan. There are 80/20 also. The HSA is an IRA-type account and they can add up to the deductible every year and it rolls over. It becomes another retirement account. Can't have too many. Some people will fund the account right away by transferring money from another tax-qualified account.
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With all due respect for clergy Rabbi, you can put much more in an HSA than the amount of the deductible.
Go to HSA Insider - The Nation's Leading Authority on Health Savings Accounts and download a copy of the HSA Road Rules for 2008.
Almost, Individuals are allowed 2900.00 and families get 5800.00, it goes up to 3000.00 for individuals in 2009 and 5950.00 for families. I wish it was up to my deductable, more savings for me!An HSA is an opportunity for health concious
families to save money on their health care costs. This is accomplished by only insuring the higher risk and saving the difference in a tax deferred account. This account comes with a debit card with which you pay for everything related to your health care, up to the deductible. At the point at which the WHOLE family reaches the deductible, the plan pays the rest if it is a 100% plan. There are 80/20 also. The HSA is an IRA-type account and they can add up to the deductible every year and it rolls over. It becomes another retirement account. Can't have too many. Some people will fund the account right away by transferring money from another tax-qualified account.
Damn, beat by a margarita! Must be friday!!!
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Don'r forget the $900 catch-up provision if you're 55 or older.... brings the $2,900 to $3,800 PER PERSON if you sell them as individuals..... pretty strong as that is an above the line deduction!
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why would anyone want to tie up money in a HSA account is beyond me.....
I do for a portion of my money. It works like an IRA (except waiting to age 65) and when it gets there I can use it tax free to pay my medicare and out of pocket expenses, plus LTC. There isn't another source where I won't pay any income taxes ever on that money. Those are given expenses. As far as where the money goes within the HSA wrapper, that's up to me.
I do for a portion of my money. It works like an IRA (except waiting to age 65) and when it gets there I can use it tax free to pay my medicare and out of pocket expenses, plus LTC. There isn't another source where I won't pay any income taxes ever on that money. Those are given expenses. As far as where the money goes within the HSA wrapper, that's up to me.
