Health Savings Accounts/HSA Enrollment

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HSA Bank Online Enrollment

                                                                    
Health Savings Accounts/HSAs

An HSA is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses of the account beneficiary. To qualify the beneficiary must have an underlying qualified high deductible health plan (HDHP), not be enrolled in Medicare, and must be under the age of 65.

You may enjoy several benefits from having an HSA -

    The interest and other earnings on the assets in your HSA are tax free.

    You can claim a 100% tax deduction for contributions you make even if you do not itemize
    your deductions.

    The contributions remain in your HSA from year to year until you use them.

    Funds distributed from the HSA are not taxed if they are used to pay for qualified medical
    expenses.

    An HSA is "portable" so it stays with you if you change employers, leave the work force, or
    enroll in a different HDHP.

    Both an employer and employee may contribute to an HSA account.

    HSA owners aged 55 and older and not enrolled in Medicare are allowed to make catch up
    contributions over and above the normal contribution limits. These catch up contributions
    increase each year to combat inflation.
    
HSA Annual Limits - 2010

Type of Coverage    Minimum Deductible     Out of Pocket Maximum     Contribution Maximum
Individual                    $1,200                              $5,950                                       $3,050

Family                          $2,400                              $11,900                                    $6,150

2010 Catch Up Contribution for those over age 55 is $1,000.

HSA Banking Services

HSA banking services must be provided by a qualified bank. For all qualified medical expenses, the payments for claims will be made from your account at the bank you set up the account with.

Walden Associates Insurance Services represents all major insurance carriers offering HSA compatible high deductible health plans for individuals, families, and businesses. We also represent a number of major qualified banks offering HSA accounts, such as HSA Bank, Wells Fargo, and Sterling HSA. We are able to not only obtain you the high deductible health plan, but also assist in enrolling you in an HSA account.