Health Savings Accounts – H.S.A.

What is Florida Health Savings Accounts?

A Health Savings Account, H.S.A. has the ability to combine high deductible insurance with a tax-advantage savings account. After the money accumulates with interest in your tax-advantage savings account, what is not spent, you get to keep to pay other qualified medical expenses.

Note: The law requires that the savings account be combined with a qualified high deductible health insurance plan which can cost less than other health insurance plans.

This special tax friendly account can help you pay for your health care deductible and coinsurance. Meeting your deductible faster means the insurance company will have to pay faster for your services.

Florida Health Insurance Companies that offer Health Savings Accounts (HSA’s)

To be eligible, you must have a high deductible health insurance plan that qualifies to be partnered with an HSA. These plans are available through various insurance companies. These companies include: Aetna, Blue Cross Blue Shield, Celtic Life, Golden Rule, Fortis, Humana, UnitedHealthcare, and many more, depending on what part of the country you live. The plans from the companies listed are all similar in the fact they have high deductible health plans.

Florida Health Savings Account Advantages:

Other ways to spend the unused money in your HSA.

You can also withdraw money tax free from your HSA account to cover other types of expenses such as:

• Expenses for Dental procedures- Dental procedures such as braces, crowns and other major work can be very expensive.
• Nervous and Mental treatment- Charges from psychotherapists, psychologists, and psychiatrists.
• Physical therapy- Services such as hydrotherapy, chiropractor, or massage therapy could be paid for with your HSA.
• Non-traditional forms of treatment which may include homeopathy, nutritional consulting, Traditional Chinese Medicine (TCM), such as acupuncture, Ayurvedic Medicine, aromatherapy.
• Transportation and lodging expenses- When related to health care.
• Charges incurred as part of a preventative health program- Most preventative services are covered under your health care policy. But other types of preventative services such as a, vaccine, a blood test, a metabolism test, or other lab tests, qualify to be paid through your HSA
• Nonprescription medications-Mostly over the counter items such as cough syrup, anelgesics including aspirin is directed by your physician to take it.
• Special fees incurred by handicapped individuals- This could encompass many items including the costs associated with going to a special school, or even getting a guide dog.
• Expenses for care during a pregnancy- Only charges of which no benefits were paid.
• Premiums for Insurance- In which to pay for qualified long-term care.

Florida HSAs help empower employees by letting them play a larger role in their own health care in the following ways:

• • Employees fund their own individual HSA with pre-tax dollars and employers can make contributions to this account.
  • Employees use their HSA to pay for their health care expenses. Unused HSA funds are not forfeited, they will belong to the employee.,

More tax breaks.

A Florida HSA allows you to deduct from your federal income tax 100% of the amount you contributed to your health savings account, up to $ 3,300 for individuals or $ 6,550 for families for the 2014 year. If you deposit funds into your HSA account by April 15, which is an above the line tax deduction for the previous year’s income taxes, you get a federal income tax deduction for money you put in even if you take the standard deduction and don’t itemize deductions.

If your employer makes an HSA contribution for you, that dollar amount is “excluded” from income, and not subject to any income tax or FICA requirements. Either way, this will immediately reduce your federal taxable income for that year. Some states may allow you to take a state income tax deduction for your HSA contribution too. Ask a Florida tax professional.

When you combine high deductible insurance with a tax-favored savings account, here are the results:

• • • Health insurance could cost less for you
    • Savings help to pay down your deductible
    • Tax-deductible deposits
    • Tax-deferred growth
    • Tax-free for medical care

Note: The HSA account can be used to pay expenses for any spouse or dependent member of the family, even if they are not covered under the insurance policy.

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