Contributions to HSAs are made on a 100% tax-deductible basis, meaning
they are an above the line deduction which reduces your gross taxable income.
Starting in 2007, Annual HSA contribution limits are capped at
$2,850 for an individual or $5,650 for a family — even if your
deductible is less.
Also, starting in 2007, for HSA's started mid-year the HSA contribution
can be funded up to the maximum, so long as the account holder
remains HSA eligible for at least 12 months. Annual
contribution limits for 2008 are capped at $2,900 for an
individual or $5,800 for a family. Catch up contributions
for individuals who are 55 or older was increased from $800 in
2007 to $900 in 2008.
When you spend money from your HSA, that's tax-free too, as long as the funds are used to pay for
HSA qualified medical expenses, including
going to the doctor, prescription drugs, paying other expenses
toward your deductible, as well as dental and vision care.
Because any money you don't spend is yours to keep and grows from one year to the next,
HSA's offer a long-term
savings advantage. If you're relatively healthy during your working years, by the time you retire, you
could build a sizable tax advantaged nest egg. View a Case Study on a HSA plan in action.
Have you read Paul
Zane Pilzer's "The New Health Insurance Solution?"
If not, watch this video
interview with Paul on PBS's Wealthtrack program to get his
viewpoint on HSA's. Then get a FREE
personalized HSA quote.
LEARN ABOUT HSA's >
HSA QUALIFIED HEALTH PLANS
HSA BANKING OPTIONS
HSA MULTIMEDIA TUTORIAL
HSA QUALIFIED EXPENSES
HSA QUESTIONS AND ANSWERS
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Health Savings Accounts are the biggest advancement in health care financing in years is
available to anyone in Colorado with our HSA qualifying medical plans! Call Colorado Health Insurance Brokers at 800-416-4481 for more information and a free quote or
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a free instant HSA quote.
* See IRS Publication 502
for a list of qualifying medical expenses. You may also reference
the IRS
HSA Questions and Answers bulletin and www.irs.gov
for more information on HSA's and IRS rulings and www.ustreas.gov
for Treasury Department rulings. Colorado Health Insurance
Brokers are not engaged in rendering tax, investment or legal
advice. Federal and state regulations are subject to change. If tax,
investment or legal advice is required, seek the services of a
licensed professional. All terms and conditions of
insurance coverage, including benefits and exclusions, are contained
in the Certificate, which shall control in the event of a conflict
with this overview.
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