Health Savings Accounts ("HSA")

1. Before setting up an HSA, you must have a qualified high deductible health plan ("HDHP") through an insurance carier.
2. 2012 annual contributions are limited to $3150 single or $6250 family - see rules for contributions set up during the year. 
3. If you are over 55 years of age, you can also contribute another $1000 single or $2000 if both you and your spouse are over 55 and are on the plan in 2012 (I recommend setting up a second HSA account for the additional $1000 catchup.)
4. Contributions:
• Employee contributions through payroll deduction may be set up to be pre-tax if you have a cafeteria plan set up properly.
• Contributions set up after-tax are taken off of your tax return to create a tax free benefit
5. Distrubutions
   
• Allowed for qualified medical, dental expenses (see list).  Money coming out is tax free
• You may NOT pay your insurance premiums through the HSA account.
• You may pay your COBRA premiums with your HSA account if you are unemployed.
• You may pay for Long Term Care premiums
• You may pay for your Part "B" medicare premiums

Health Savings Accounts - check out the various accounts available.

Select Accounts: 

BCBS Select Account informaiton at www.SelectAccounts.com

Optum Health Bank info

Click the link and you'll be directed to the Optum Health Bank website

HSA Resources info



Click the link and you'll be directed to my HSA Resources website.

We have developed a very strong HSA offering that will meet your needs:

• Low account set-up fees (only $25)
• On-line account access
• FDIC Insured accounts with a 90 year old, $1 Billion Bank
• Checking and debit card availability
• Competitive interest rates

Employer HSA Resource Center

Employer Application for HSA

Individual Applications for HSA