What is an HSA?  An HSA, Health Savings Account, is an interest bearing account owned by an individual where contributions to the account are to pay for current and future medical expenses.  HSA's are used in conjunction with a High Deductible Health Plan (HDHP)

Ownership - Funds remain in the account from year to year just like an IRA.  There are no "use it or lose it" rules for HSA's

Tax Savings - An HSA also provides you triple tax savings:
  1. tax deductions when you contribute to your account
  2. tax-free earnings through investment
  3. tax-free withdrawals for qualified medical expenses.

HSA Contributions - You can make a contribution to your HSA each year that you are eligible.  You can contribute up to the amount of your HDHP but no more than: 

  • $2850 for individual coverage
  • $5650 for family coverage

Eligibility - Any individual that:

  • Is covered by an HDHP
  • Is not covered by other health insurance
  • Is not enrolled in Medicare
  • Can't be claimed as a dependent on someone else's tax return e.g. Children 

There are no income limits on who may contribute to an HSA.  There is no requirement of having earned income to contribute to an HSA.
 
For more information on the specifics of HSA's visit the U.S. Treasury Department website at www.treas.gov/offices/public-affairs/hsa

 

 

 Who offers HSA\'s?  Most all insurance providers offer HSA qualified health plans.  However, not all insurance providers offer the HSA itself.  There are numerous companies that offer HSA's.  Here are the names of a few. 
  • Wells Fargo
  • HSA Bank
  • The Bancorp Bank
  • Exante Bank
  • Sterling HSA

What Insurance Providers also offer HSA's?  Again there are numerous companies that offer HSA qualified health plans but not all offer the HSA itself.  The following list of insurance providers also offer the HSA: 

  • Golden Rule
  • UnitedHealth Care(R) 
  • Harvard Pilgrim
  • Blue Cross
  • Anthem BC
  • ConnectiCare
  •  
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These are only examples of some of the choices you have with choosing an HSA administrator.  In no way are they a suggestion on who to choose.  Before you choose any administrator you should review all pertinent and relevant information.  You should also review your chosen HSA administrator's enrollment documents for a more detailed description of current requirements, fees, and investment options.  Only the terms and conditions listed in your enrollment documents are binding. 

We have 3 locations to accommodate your needs.  Call or CLICK HERE for a free quote. 

Allan Guagliardo- Western Massachusetts 877-745-3346 or Western Connecticut 877-745-3347

Bobby Guagliardo- Eastern Massachusetts or Eastern Connecticut
Rhode Island 888-866-8997
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