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Health Savings Accounts

HSA Overview:

Step 1: Obtain a qualified High Deductible Health Plan (HDHP) insurance policy.   This can be for employer groups as well as individuals and families.   There are many insurance companies that offer these policies but all are subject to federal and state guidelines as well as the company's underwriting approval.

Optional Step 2: Open a federally qualified Health Savings Account (HSA) where you can deposit up to the maximum amount each year.   Please pay attention to the guidelines and restrictions.

HSA Bank

Link for Information

Link to Individual / Family Enroll Online

Link to Employer Sign-up Form

First American Bank

Open HSA Account Online
Personal Accounts for Individuals, Families,
and Employer Groups
FREE - No Fees With
Regular Accounts + Online Statements


1st Bank

Open HSA in a Local Branch Office

10 Metro Phoenix Locations

HSA PROS and CONS:
PROS:
1. Lower health insurance premiums with high deductibles.
2. Tax deductible deposits to your Health Savings Account (HSA).
3. Tax free interest and capital gain in HSA.
4. Wider array of eligible medical, dental, and vision expenses.
5. Save on network provider discounts for doctors, hospitals, etc.
6. Roll HSA money from year to year.
7. Extra HSA money can become retirement funds.
8. Be in control, you are your own claim department.
9. Never pay taxes on income spent on qualified medical expenses.
CONS:
1. Another bank account to keep track of.
2. Minor Bank Fees.
3. Tax rules and regulations.
4. Higher income people helped more than lower income people.
5. Lower income people can not afford to make tax free deposits.

In group situations the HSA is owned by person or family not employer.

IRS Forms PDF forms downloaded from www.IRS.Gov.

1040 U.S. Individual Income Tax Return - Please see line 25.
    and    
Form 8889 - Health Savings Accounts (HSAs)


Two main www.IRS.gov publications;
502 - Medical and Dental Expenses Including the Health Coverage Tax Credit
969 - Health Savings Accounts and Other Tax-Favored Health Plans

Please consult your CPA or Accountant For Tax Advice Or Contact Us For a Referral.

HSA Information and Resources

HSA Center - Excellent Resource

US Treasury Department - HSA Publication Page

Articles by Paul Breslau in Scottsdale Airpark News - Acrobat PDF
- September 2011 - Ways to Save
- July 2007 - Out Of Hot Water
- September 2005 - Be Your Own Insurance Company
- January 2005 - Take The Money, Not The Prize


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