Healthcare Savings Accounts

Healthcare Savings Accounts (HSA’s) are created for individuals who want to save for medical expenses that high-deductible health plans do not cover. While the primary objective of HSA’s is to ensure that people save to meet future healthcare-related expenses, but the big attraction is the savings on Federal taxes that come with these accounts.

Are you Eligible for a Healthcare Savings Account?

You can open an HSA if:

1) You have a high deductible health plan from a health insurance provider i.e. a minimum deductible of $ 1,200 per year if you are single or $2,400 for family coverage.

2) You are not covered under Medicare and are not a dependent on someone else’s return.

Once You are Eligible for a Healthcare Savings Account

Once you determine that you are eligible, you can set this account up in many ways.

[Read more…] about Using Healthcare Savings Accounts to Get Tax Breaks