This document discusses health savings accounts (HSAs) as an innovative way to finance health care that gives individuals more control over costs while protecting them from high medical expenses. It defines what an HSA is, how it works in conjunction with a high-deductible health plan, eligibility requirements, contribution limits, advantages like tax benefits and flexibility in using funds, as well as answers common questions about HSAs. The document promotes HSAs as a solution that can help address issues with the cost, choice and control individuals face in purchasing health insurance and paying for medical care.
Over 1/2 of the companies in the US have a HSA in place. Some of Washington State's largest companies have introduced HSA's and an option or THE option for employee medical plans. This is a good overview of how HSA plans work.
Over 1/2 of the companies in the US have a HSA in place. Some of Washington State's largest companies have introduced HSA's and an option or THE option for employee medical plans. This is a good overview of how HSA plans work.
Learn how you can make your dollars go further and reduce your out-of-pocket costs for qualified health care expenses and insurance premiums, take more control over health care spending decisions and benefit from significant tax savings when enrolling in a Health Savings Account (HSA).
A brief description of how using an HSA in conjuction with a qualifed major medical HDHP can help control premiums and put you the consumer back in control of your healthcare dollars. Currently 9 million people enrolled in an HSA qualified plan.
[Guide] The Best Introduction to Health Savings Accountsbenefitexpress
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Whether you are being, well⌠motivated to consider a Health Savings Account (HSA) due to a workplace change in policy, or you perceive that you are spending more than you should be for health care â some compelling reason brought you to this guide. Good! This is your first step toward understanding what an HSA is and how it works.
This is an introductory guide that aims to inform consumers and employers about Health Savings Accounts.
Think of a Health Savings Account (HSA) like having a health 401(k) you can dip into nowâor, let it build to pay for qualified medical expenses after you retire. This simple tutorial is designed to help you decide whether a Health Savings Account might be a good fit for you (and your family).
An employer's guide to choosing the right HSA from Alliant Credit Union. For more information, or to download our white paper, visit http://www.alliantatwork.com.
Health insurance has a language all its own.
Understanding how your insurance plan works
is something every American needs to master.
These terms are important to know to get the
most out of your health care coverage.
A Woman's Guide to Health Care in RetirementDolf Dunn
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Health care in retirement can be one of the largest expense items for people, especially women. It is crucial you plan on these costs in your retirement budget. Need help? Give us a call.
Learn how you can make your dollars go further and reduce your out-of-pocket costs for qualified health care expenses and insurance premiums, take more control over health care spending decisions and benefit from significant tax savings when enrolling in a Health Savings Account (HSA).
A brief description of how using an HSA in conjuction with a qualifed major medical HDHP can help control premiums and put you the consumer back in control of your healthcare dollars. Currently 9 million people enrolled in an HSA qualified plan.
[Guide] The Best Introduction to Health Savings Accountsbenefitexpress
Â
Whether you are being, well⌠motivated to consider a Health Savings Account (HSA) due to a workplace change in policy, or you perceive that you are spending more than you should be for health care â some compelling reason brought you to this guide. Good! This is your first step toward understanding what an HSA is and how it works.
This is an introductory guide that aims to inform consumers and employers about Health Savings Accounts.
Think of a Health Savings Account (HSA) like having a health 401(k) you can dip into nowâor, let it build to pay for qualified medical expenses after you retire. This simple tutorial is designed to help you decide whether a Health Savings Account might be a good fit for you (and your family).
An employer's guide to choosing the right HSA from Alliant Credit Union. For more information, or to download our white paper, visit http://www.alliantatwork.com.
Health insurance has a language all its own.
Understanding how your insurance plan works
is something every American needs to master.
These terms are important to know to get the
most out of your health care coverage.
A Woman's Guide to Health Care in RetirementDolf Dunn
Â
Health care in retirement can be one of the largest expense items for people, especially women. It is crucial you plan on these costs in your retirement budget. Need help? Give us a call.
The Best Introduction to Health Savings Accounts [Guide]benefitexpress
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This guide will detail the origins of a Health Savings Account (HSA) as well as why you should consider an HSA, how to establish an HSA, using your HSA, and much more.
Welcome to Fightformyway, your number-one source for all tips and tricks. Weâre dedicated to giving you the very best of articles, with a focus on the insurance niche.
Get to know the basics of the triple tax benefits of Health Savings Accounts and how they work with your health plan for savings on many medical expenses. Contact Austin Benefits Group for more details!
HSA vs FSA - 5 Reasons HSA's Will Replace FSA's HSA Coach
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HSA's and FSA's remain the primary tax-free savings choice for healthcare consumers. Yet the two types of accounts couldn't be more different. Here we explore what HSA's will increasingly grow in popularity compared with FSA's (hint - FSA's cannot keep up with the underlying growth in healthcare costs.)
This presentation covers all the compliance issues with HSA's as well as: which employees are eligible, contribution requirements, distributions requirements, and reporting requirements.
Review the requirements for offering HSAs. This will include what coverages must be offered, documentation to be completed, what rules the employer and employee must follow (including HSA employer contribution rules), and commonly made mistakes.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
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Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how can I sell pi coins after successfully completing KYCDOT TECH
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Pi coins is not launched yet in any exchange đą this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAYÂ you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers âĽď¸
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
How to get verified on Coinbase Account?_.docxBuy bitget
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t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
What website can I sell pi coins securely.DOT TECH
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Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
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Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
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The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
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financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
⢠The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
⢠The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
⢠The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
⢠Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and assetâs value is determined by companyâs performance. There are two major types of equity securities: common stock and preferred stock.
ď Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the companyâs board of director or the business decisions to be made.
ď Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for companyâs growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how to sell pi coins in all Africa Countries.DOT TECH
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Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
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As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
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Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
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The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ â 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
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Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the worldâs largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
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In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Â
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)
Â
Kfs health savings accounts
1. Š 2013 VSA, LP Valid only if used prior to January 1, 2014. The
information, general principles and conclusions presented in this report
are subject to local, state and federal laws and regulations, court cases
and any revisions of same. While every care has been taken in the
preparation of this report, neither VSA, L.P. nor The National Underwriter
is engaged in providing legal, accounting, financial or other professional
services. This report should not be used as a substitute for the
professional advice of an attorney, accountant, or other qualified
professional.
Health Savings
Accounts
Innovative
Health Care Financing
1a2-10
2. 2Health Savings Accounts: Innovative Health Care Financing
The Problems
!
Due to the high cost of traditional health insurance coverage, it is difficult (if
not impossible) for many people to purchase adequate health insurance
protection at an affordable cost. Without this protection, however, the
financial impact of a serious injury or illness can be devastating!
While managed care has produced cost savings, people enrolled in managed
care plans generally find their choice of doctors restricted. There is also
increasing concern about the interference of bureaucracies in the doctor-
patient relationship.
Individuals who need little or no health care receive no financial reward under
traditional or managed care plans, nor is there any financial incentive under
these plans for individuals to exercise control over their health care
expenditures.
In attempting to purchase health care benefits, individuals face several
problems:
Cost
Choice
Control
3. 3Health Savings Accounts: Innovative Health Care Financing
A Potential Health Savings Account Solution
High-deductible health insurance is more affordable, while still protecting
individuals and their families against the costs of serious illness or injury.
Personal savings accumulated in an HSA can be used to pay smaller expenses
covering routine services until the health plan's deductible is met. NOTE: If
there are not sufficient funds in the HSA to cover the entire deductible, you
must pay the difference out of pocket.
Tax-free HSA funds can be used to see any doctor, enter any hospital or pay any
qualified medical expense, even those not covered under the high-deductible
health plan. These decisions belong to you, not to a medical bureaucracy.
An HSA puts you in charge of how your health care dollars are spent. If little or
no health care is needed, the money in the HSA accumulates tax-free until
funds are neededâŚeven after retirement. In fact, subject to income tax and, if
under age 65 a penalty tax, HSA funds can be withdrawn for any reason. With a
Health Savings Account, you control when and how your health care dollars are
spent.
By combining tax-advantaged personal savings with a high-deductible health insurance plan, the
Health Savings Account (HSA) puts you in control of your own health care dollars, while protecting
you and your family against the cost of a serious illness or injury:
Cost
Choice
Control
4. What Is a Health Savings Account?
4Health Savings Accounts: Innovative Health Care Financing
An HSA is available to eligible individuals only in conjunction with a high-deductible health plan
provided by an employer or purchased by an individual.
continued on next slide
A Health Savings Account (HSA) is a tax-advantaged personal savings
account designed to provide funds to pay qualified medical
expenses, including health insurance deductibles and co-payments.
The tax benefits of an HSA are significant.
Your contributions to a Health Savings
Account are tax deductible on an "above
the line" basis, resulting in a dollar-for-
dollar reduction in adjusted gross income.
Annual HSA Contribution $3,000
Marginal Federal Income Tax Rate 25%
Tax Savings per Year $750
Net Cost to You $2,250
What might this mean to you? For example:
5. What Is a Health Savings Account?
5Health Savings Accounts: Innovative Health Care Financing
If your employer contributes to your HSA, those contributions are not taxable income to you
and are not subject to withholding.
Funds in an HSA can be invested, with earnings not subject to income tax so long as they
remain in the HSA.
Distributions from an HSA may be made at any time. If used to pay for qualified medical
expenses, the distributions are not subject to federal income tax. If used for non-medical
expenses, HSA distributions are considered taxable income to you and are subject to a 20%
penalty tax if you are under age 65 when the distribution is taken.
6. How Does a Health Savings Account Work?
6Health Savings Accounts: Innovative Health Care Financing
Health Savings Account High-Deductible Health Insurance Plan
You purchase a qualifying high-deductible
health plan.
Once the health insurance deductible is
satisfied, insurance benefits become available
to pay for covered expenses.
You establish a Health Savings Account, into
which you make tax-free contributions up to
specified maximums each year.
If an illness or injury strikes, funds can be
withdrawn tax free from the HSA to pay for
qualified medical expenses.
Funds not withdrawn to pay for qualified
medical expenses remain in the HSA and grow
from year to year in an investment account
whose earnings grow free of tax.
HSA funds may be withdrawn for purposes other than paying qualified medical expenses, but are
subject to income tax plus a 20% penalty tax. Beginning at age 65, HSA funds may be withdrawn for
any reason, subject to regular income tax without penalty, or can continue to be used to pay qualified
medical expenses without tax.
7. Advantages of a Health Savings Account
7Health Savings Accounts: Innovative Health Care Financing
The high-deductible health plan provides protection against the financial impact of a serious
illness or injury.
Tax-deductible savings are set aside today in a Health Savings Account to pay for future
health care expenses, including the high-deductible health plan's deductible and out-of-
pocket expenses.
You own your Health Savings Account and you decide how to invest your HSA contributions.
You control when and how HSA funds are spent.
As needed, tax-free HSA distributions can be used to pay for qualified medical expenses not
covered by the high-deductible health plan.
+
By combining a high-deductible health plan with tax-advantaged personal
savings, a Health Savings Account offers you these advantages:
continued on next slide
8. Advantages of a Health Savings Account
8Health Savings Accounts: Innovative Health Care Financing
If you need little or no health care, the unspent funds remain in your HSA and accumulate
tax free.
You can spend the funds in your HSA as you choose. In fact, if not needed to pay future
medical expenses, HSA funds can be withdrawn and used for any purpose (subject to
income tax and a 20% penalty tax if under age 65).
Funds may be rolled over (transferred) tax free from one HSA to another HSA.
You may be able to roll over funds from an IRA into an HSA, making additional funds
available on a tax-advantaged basis to pay the plan's deductible or qualified medical
expenses not covered by the high-deductible health plan.
9. Questions and Answers⌠HSA Eligibility
9Health Savings Accounts: Innovative Health Care Financing
A Health Savings Account can be established by an "eligible individual"⌠someone who:
Who is eligible to establish an HSA??
is not also covered by any other health plan that is not a high-deductible health plan;
is not entitled to benefits under Medicare (generally under age 65); and
may not be claimed as a dependent on another person's tax return.
continued on next slide
10. Questions and Answers⌠HSA Eligibility
10Health Savings Accounts: Innovative Health Care Financing
A high-deductible health plan, or HDHP, is a health plan that satisfies certain
requirements with respect to deductibles and out-of-pocket expenses, which are
adjusted annually for inflation:
What is a high-deductible health plan (HDHP)??
Type of Coverage Minimum Annual Deductible
Maximum Annual Out-of-Pocket
Expenses
2012 2013 2012 2013
Individual $1,200 $1,250 $6,050 $6,250
Family $2,400 $2,500 $12,100 $12,500
continued on next slide
Except for preventative care, the high-deductible health plan may not provide benefits for any
year until the deductible for that year is met.
11. Questions and Answers⌠HSA Eligibility
11Health Savings Accounts: Innovative Health Care Financing
You can maintain certain types of "permitted insurance" in addition to the high-
deductible health plan and still remain eligible for an HSA.
Types of "permitted insurance" include workers' compensation, auto insurance, insurance
for a specified disease or illness that pays a fixed amount per day (or other period) of
hospitalization, accident and disability insurance, dental and vision care and long-term
care insurance.
What other health coverage can I have and still qualify for an HSA??
12. Questions and Answers⌠HSA Contributions
12Health Savings Accounts: Innovative Health Care Financing
Contributions must be made in cash to an HSA that you establish with a qualified HSA
trustee or custodian, such as an insurance company or bank, and cannot exceed a
maximum annual limit, which is indexed annually for inflation:
How much can I contribute to an HSA??
Type of
Coverage
Minimum Annual HSA
Contributions
2012 2013
Individual $3,100 $3,250
Family $6,250 $6,450
continued on next slide
Up to the maximum annual HSA contribution
can be made for the current tax year so long as
an individual becomes eligible for an HSA by
December 1. If, however, coverage begins
during the year, the high-deductible health plan
must be maintained until the end of the
following tax year (generally December 31) or
tax must be paid on the HSA contribution
attributable to the months during which the
employee was not eligible for an HSA. This
amount is also subject to an additional 10% tax.
In addition, individuals between ages 55
and 65 can make an additional "catch-up"
contribution of up to $1,000 each year.
13. Questions and Answers⌠HSA Contributions
13Health Savings Accounts: Innovative Health Care Financing
Contributions to an HSA can be made by an eligible individual, directly or through a
cafeteria plan, by a family member on behalf of an eligible individual or by the eligible
individual's employer. In addition, you may be able to roll over (transfer) unused funds
from a flexible spending account (FSA) or health reimbursement account (HRA) or from
an IRA to an HSA on a tax-free basis. Regardless of who makes the contributions, you
own the HSA.
Who can make contributions to an HSA??
continued on next slide
You deduct your HSA contributions on an "above the line" basis, resulting in a dollar-for-
dollar reduction in your adjusted gross income. Any contributions made by an employer
to an HSA are not included in your gross income for tax purposes and are not subject to
withholding.
How am I taxed on HSA contributions??
14. Questions and Answers⌠HSA Contributions
14Health Savings Accounts: Innovative Health Care Financing
Contributions may be made at any time of the year in one or more payments, but must
be made no later than April 15 of the year following the year for which the deduction is
taken.
When must HSA contributions be made??
While there is no requirement that you contribute the maximum to your HSA each
year, doing so will enable you to take full advantage of the powerful tax benefits provided
by an HSA.
Must I contribute the maximum to an HSA??
15. Questions and Answers⌠Additional HSA Funding Sources
15Health Savings Accounts: Innovative Health Care Financing
If you have immediate health care needs, there may be insufficient funds in an
HSA, especially in its initial phase, to pay for the health insurance policy deductible
and/or any qualified medical expenses not covered by the health insurance policy.
To help compensate for this potential problem, funds may be rolled over from an IRA into
an HSA on a tax-free basis.
What sources other than annual contributions are available to fund an HSA??
A one-time tax-free transfer of funds from an IRA to an HSA may be made. The amount
rolled over cannot exceed the annual HSA statutory maximum contribution for the year
($3,100 for individual coverage or $6,250 for family coverage in 2012 and $3,250 for
individual coverage or $6,450 for family coverage in 2013). The transfer of funds from an
IRA to an HSA can be done only once during your lifetime and, once rolled over to the
HSA, the funds cannot be transferred back to the IRA.
What are the requirements to fund an HSA with funds from an IRA??
16. Questions and Answers⌠HSA Distributions
16Health Savings Accounts: Innovative Health Care Financing
HSA funds can be withdrawn tax free at any time to pay for the qualifying medical
expenses of yourself, your spouse and dependents. These expenses include:
When can funds from an HSA be withdrawn tax free??
Prescribed medicines and drugs*
Doctors visits, lab, x-ray and other diagnostic and
treatment services
Dental, vision and psychiatric care services
Qualifying long-term care services and long-term
care insurance premiums
Medicare Part A and B premiums, Medicare HMO
or Medicare Advantage premiums (but not
Medicare supplemental policy premiums)
COBRA health continuation coverage premiums and
health insurance premiums for those on
unemployment compensation
continued on next slide
* Only prescribed medicines or drugs (including
over-the-counter medicines and drugs that are
prescribed) and insulin (even if purchased
without a prescription) are considered
qualifying medical expenses that can be paid for
by tax-free HSA withdrawals.
It is your responsibility to ensure that
expenses paid from the HSA are
qualifying medical expenses and to
keep adequate records concerning
the use of HSA funds.
17. Questions and Answers⌠HSA Distributions
17Health Savings Accounts: Innovative Health Care Financing
Yes, but such withdrawals are subject to income tax plus a penalty tax of 20% of the
amount withdrawn. The penalty tax applies to HSA withdrawals used to purchase over-
the-counter medicines and drugs without a prescription. Any such withdrawals made
after you reach age 65, die or become disabled are not subject to the 20% penalty tax.
Can HSA funds be withdrawn to pay for non-medical expenses??
In this event, no additional contributions can be made to your HSA. The funds in the
HSA, however, can still be used as described above. If used solely to pay for qualifying
medical expenses, the distributions will be free of income tax.
What happens if I become ineligible for an HSA??
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18. Questions and Answers⌠HSA Distributions
18Health Savings Accounts: Innovative Health Care Financing
If the beneficiary listed on the HSA is your surviving spouse, she/he becomes the new
account owner and can use the HSA subject to the normal rules that apply to all HSAs. If
the beneficiary is other than your surviving spouse, the funds in the HSA are taxable
income to your beneficiary in the year of death, except for any of your qualifying medical
expenses paid from the HSA within one year of death.
What happens if I die??
19. Health Savings Account Action Checklist
19Health Savings Accounts: Innovative Health Care Financing
Become covered under a qualifying high-deductible health plan.
Establish a Health Savings Account with a qualified HSA trustee or custodian.
Arrange for payment of HSA contributions, subject to the maximum annual contribution
amount ($3,100 for individual coverage or $6,250 for family coverage in 2012 and $3,250 for
individual coverage or $6,450 for family coverage in 2013).
An HSA provides a checkbook or, more typically, a debit card to use when paying for qualified
medical expenses. An HSA debit card can only be used for qualified healthcare expenses at
specific healthcare-related merchants that accept debit cards.