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Kaiser - How does a High Deductible Plan Work
How Premiums and Deductibles Work
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 2018 is $3,450 single and $6,900 family Wells Fargo * IRS * SHRM * See table below. 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.
Trumps HSA’s are a scam Blog Insure Me Kevin.com 11.21.2016
|Contribution and Out-of-Pocket Limits for Health Savings Accounts and High-Deductible Health Plans|
|HSA contribution limit(employer + employee)||Self-only: $3,500 Family: $7,000||Self-only: $3,450 Family: $6,900*||Self-only: +$50 Family: +$100|
|HSA catch-up contributions (age 55 or older)||$1,000||$1,000||No change|
|HDHP minimum deductibles||Self-only: $1,350 Family: $2,700||Self-only: $1,350 Family: $2,700||No change No change|
|HDHP maximum out-of-pocket amounts (deductibles, co-payments and other amounts, but not premiums)||Self-only: $6,750 Family: $13,500||Self-only: $6,650 Family: $13,300||Self-only: +$100 Family: +$200|
|*The IRS originally set at $6,900 then recalculated to $6,850, but subsequently provided relief to effectively restore the original limit. Source: IRS, Revenue Procedure 2018-30.|
IRS Publication 502 - Medical & Dental Expenses
What Are Medical Expenses?
What Expenses Can You Include This Year?
How Much of the Expenses Can You Deduct?
Whose Medical Expenses Can You Include?
What Medical Expenses Are Includible?
What Expenses Aren't Includible?
How Do You Treat Reimbursements?
How Do You Figure and Report the Deduction
on Your Tax Return?
Sale of Medical Equipment or Property
Damages for Personal Injuries
Impairment-Related Work Expenses
Health Insurance Costs for Self-Employed
Health Coverage Tax Credit
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Suze Orman - HSA
Sales Brochures – Learn More
Ask for the Cash Discount and other ways to save with a high deductible plan CA Health Line 5.1.2017
LA Times 5.2013 on Pros – Cons of High Deductible Plans la times.com
Internal Revenue Bulletin: 2008-29 Health Savings Accounts – Guidance