Examining A Family’s Medical Expenses (NAPSA)—Giving your health insurance a checkup could be a smart way to save money. That’s the news from analysts who say that in many cases, HSA INSIGHTS HSAsfor Families HSAs for individuals HSAs & Employers: HSAs for Retirees. HEALTH SAVINGS ACCOUNT SAVINGS CALCULATOR [ Health Savings Account Cost Comparison ] a switching from a traditional health plan to a high deductible plan with a health savings account (HSA) could significantly cut annualcosts. (CURRENT PLAN QUALITIES. Current Deductible 8 HSA PLAN QUALITIES Indeed, for many families with Here’s a closer look at HSAs: Healthy Savings Simply put, HSAs are alternatives to traditional health insur- BUY YOUR HSA TODAY! CLICK HERE TO GET STARTED. uw YS &2, | J > Ww ~w og Ss z & S. 3 a Zz fo} aI 3 cludes tax reductions of $1,500 or more, as well as premium savings. ff $1,500, the total savings often exceed $6,000 a year, which in- aE yearly medical expenses of about @ ance that offer tax advantages and greater control over a person’s Health savings accounts (HSAs) could help families save thousands. expenses—and save for future Using An HSA You can choose to use HSA medical expenses. With an HSA, you can pay for current health qualified medical and retiree health expenses—all on a tax-free basis. The Web site www.HSA Insights.com provides detailed information on the accounts, as well as a Health Savings Account Comparison Calculator. Visitors can use the calculator to determine their potential cost savings with an HSA, based on their insurance premiums and medical expenses from the previous year. Employees who have their premiums withdrawn from their paychecks can find these numbers on their W-2 forms. Individuals who are able to deduct medical expenses can get this information from lines 1-4 of Schedule A, Form 1040. The site also features an additional calculator that lets users determine the potential future value of their HSAs based on their expected expenses. contributions and funds to pay for qualified medical expenses (for example, office visits, lab work and prescription drugs) before you have met your annual deductible. These covered expenses will still count toward your annual deductible. But HSA funds can also be used for quali- fied services not covered by a health plan, such as dental care, weight loss programs and eyeglasses. These expenses, however, do not count toward your annual deductible. Opening An HSA To open an HSA, you must be covered by a High Deductible Health Plan (HDHP). Once youre enrolled, you own and have complete control over the money in your account, meaning you decide how and whereto invest it to grow your account. For more information, visit www.HSAlInsights.com.
