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Health Savings Accounts

HSA Overview:

Step 1: Obtain a high deductible qualified health insurance policy. This can be for employer groups as well as individuals and families. There are many insurance companies that offer these policies but all are subject to federal and state guidelines as well as the company's underwriting approval.

Optional Step 2: Open a federally qualified Health Savings Account where you can deposit up to the deductible amount each year. Please pay attention to the guidelines and restrictions such as your deposit needs to be pro-rated the first year.

HSA Bank: Option 1

Link for Information

Link to Enroll Online

HSA Resources Bank: Option 2

Open HSA Account Online - To be linked to Breslau Insurance & Benefits, Inc. if you use "Learn more about Health Savings Accounts" please close window first after your research and then apply.

HSA PROS and CONS:
PROS:
1. Lower health insurance premiums with high deductibles.
2. Tax deductible deposits to your Health Savings Account (HSA).
3. Tax free interest and capital gain in HSA.
4. Wider array of eligible medical, dental, and vision expenses.
5. Save on network provider discounts for doctors, hospitals, etc.
6. Roll HSA money from year to year.
7. Extra HSA money can become retirement funds.
8. Be in control, you are your own claim department.
CONS:
1. Another bank account to keep track of.
2. Minor Bank Fees.
3. Tax rules and regulations.
4. Higher income people helped more than lower income people.
5. Lower income people can not afford to make tax free deposits.

In group situations the HSA is owned by person or family not employer.

IRS Forms PDF forms downloaded from www.IRS.Gov.

1040 U.S. Individual Income Tax Return - Please see line 25.
and
Form 8889 - Health Savings Accounts (HSAs)

Please consult your CPA or Accountant For Tax Advice Or Contact Us For a Referral.

HSA Information and Resources

US Treasury Department - Main HSA Page

Articles by Paul Breslau in Scottsdale Airpark News - Acrobat PDF
- September 2005 - Be Your Own Insurance Company
- January 2005 - Take The Money, Not The Prize