The December 1st deadline is drawing near to secure substantial
savings on your current year taxes. With the upheaval in our economy, there has
been quite a surge in the number of people applying for HSA-qualified health
insurance. HSAs, or Health Savings Accounts, allow you to put aside pre-tax
money to cover future medical expenses. Anyone that has a plan in effect no
later than December 1st is qualified to make a tax deductible contribution to
their HSA during the current year, and may be able to reduce the taxes they owe
on April 15th by $1900 or more.
While conventional co-pay plans continue to be popular,
there has been a large increase in the number of people choosing to invest in
health plans that work with Health Savings Accounts. HSA plans have become a
better choice for many because these plans have premiums that are usually quite
a bit lower than conventional co-pay plans. HSA plans also come with the added
incentive that any money deposited into the HSA is tax deductible, which will
directly lower the plan holder’s taxable income. A growing number of people are finding that a
Health Savings Account is both a wise investment and a valuable way to meet
their health insurance needs.
In addition to reducing their premiums and lowering their
taxes, HSA holders are also able to begin building a tax-deferred medical
retirement account. These accounts have proven their value for people who have
built their accounts and later experienced unexpected medical issues. Rather
than having a large amount of out-of-pocket expenses, these people were able to
make a withdrawal on their HSA tax-free to cover the unexpected medical bills.
Any growth to this account is tax-deferred and if a withdrawal is made for just
about any kind of medical expense, that withdrawal is made tax-free.
If you have seriously considered making changes to your
current health care arrangements, now is the time to act. At the very least,
you could start your own investigation to see if an HSA would be a wise
decision for you and your family. You must have your HSA-qualified
health insurance in force no later than December 1, in order to take
advantage of an HSA contribution and receive the accompanying tax reduction
during the current year. Due to the fact that the underwriting process can
sometimes take a few weeks, most insurance experts recommend that you apply for
a plan as early as possible.
Anyone who does have a HSA insurance plan in place before
December 1 will be able to contribute to their Health Savings Account up
to $2900 as an individual, or up to $5800 as a family. People over the age of
55 can also make an additional contribution of up to $900 to their account. All
money placed in these accounts, up to the limits just stated, is not subject to
taxes. Someone in a 28% tax bracket who makes a $5800 contribution to their HSA
will reduce their April 15th tax bill by $1624-even more when they count the
savings on their state income taxes.
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