How can a Health Savings Account save me premiums and
Health Savings Accounts (HSA’s) allow you to save money, premium & Federal taxes by getting a qualified Bronze high-deductible health Insurance plan (HDHP), as higher deductible plans have lower premiums.
One then pays their allowable medical expenses (IRS Publication 502, Internal Revenue Code (IRC) §213 [d])) Aetna through your HSA bank account – debit card. The maximum contribution in 2015 is $3,350 single and $6,650 family Wells Fargo If you are over $55 and additional $1k. An HSA is very similar to an IRA, except that it is for medical expenses.
When you retire, the money in your account can still be used for medical and some Insurance Premiums, without paying taxes.
Without an HSA or having an EmployER sponsored plan, medical expenses are not usually deductible unless they are more that 10% PPACA 9013 of adjusted gross income IRS Publication 969 .PDFCalifornia tax*IRS publication 502
One might also consider a supplemental accident plan to cover the deductible in a Bronze HSA Plan.
ACA Health Reform does not appear to have any effect on HSA’s other than the change from 7.5% to 10% that one would have to otherwise incur for premiums and expenses to be deductible and over the counter medications must have a prescription. PPACA 9013 healthcareexchange.comcigna.com hsawells fargo While there is a $2k deductible limit for individuals and $4k for families, to qualify as an essential benefit, since the HSA account provides reimbursement, 42 USC 18022 (2) there should be no problem. Check with your tax or legal adviser.
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Internal Revenue Bulletin: 2008-29 Health Savings Accounts – Guidance
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