Health Savings Account

 Now you can enroll online with a Credit Card.

HSA Bank's easy online administration services are brought to you by Your Benefit Resource! .  This program is very time efficient, simple to use, and low priced.  You may access your health savings account funds via either a VISA debit card or by writing a check just as you would from any other checking account.  This service works with any insurance company and is portable if you change insurance companies, health plans, or employers.  Unused funds may be rolled over into future years, much like a tax deferred retirement account (except it is for medical expenses only). 

The IRS rules are simple: qualified coverage means a "qualified high deductible health plan" with a deductible of $ 1,200 or greater, per single person and $ 2,400 for a family plan.  You may contribute up to $ 3,100 as a single taxpayer, or $ 6,250 family for the 2012 calendar year.  Participants over age 55 may contribute an additional $ 1,000 per year as a catch up contribution.  Funds deposited are tax deductible, and any account earnings are also tax free. 

Distributions may only be made for qualified medical expenses or long term care insurance premiums.  Here is a link to a listing of allowed expenses and IRS HSA regulations.  Please consult your CPA or tax advisor prior to making any tax related decisions about Health Savings Accounts.

If you need to purchase a new tax qualified High Deductible Health Plan, please visit http://www.yourbenefitresource.com/health.htm

You are encouraged to deposit each month, at a minimum, the premium savings you have attained from your prior health plan to the new HSA plan to pre-fund your future medical expenses and deductible.  Additional information on HSA plans may be found at http://www.hsabank.com/?ain=005913 - please direct your questions and paperwork to me personally via my office contact information below.

Please contact us at the Source2@YourBenefitResource.com with questions or comments. Scott D. Johnson, CHRM Your Benefit Resource! 4745 Narvik Drive Eagan MN 55122-2669 (651) 340-5150 or toll free at (877) 865-3070    ©Copyright 2012 Your Benefit Resource! All rights reserved.