Florida Individual Health Insurance
Health Savings Accounts (MSA)
Main Page
Florida Health Insurance -
with a complete listing of carriers and plans
Click Here to Bookmark this Site
Individual Health Insurance Plans -
compare companies, plans and rates
A Health Savings Account (HSA) is a tax-deferred bank or savings account combined with a low-premium/ high-deductible insurance policy, designed for individuals or families in order to fund health care expenses and medical insurance. Participants are encouraged to invest the premium savings in a medical savings account by making tax-deductible contributions to the HSA. Medical expenses are paid out of the account until the deductible is reached. Unused monies in the account may be rolled over tax-free and when a threshold is reached, may be invested to pay for future medical expenses and more general uses after retirement.
Anyone is eligible to choose an HSA as an alternative to current ways of paying for medical care. The HSA can be established by purchasing the high-deductible insurance policy and depositing the amount of the deductible in the HSA account. Health expenditures from the HSA account are tax-free and accumulated balances earn interest, which is also tax-free if used for medical expenses.
There are two parts to a qualified health savings account plan, the health savings account and a high deductible health insurance plan. The high deductible health insurance cannot be any health insurance plan, but must be specifically designed for medical savings accounts.
The health insurance plan has deductibles in a range determined by the federal government. The deductible is different than deductibles on individual health insurance plans. The deductible is the combined eligible expenses of all family members that are on the health insurance plan. If you want all the government details please click on HSA-Basics.
HSA Maximum Amounts
|
|
2009 |
2008 |
2007 |
2006 |
2005 |
2004 |
|
|
|
|
|
|
|
|
|
Minimum Deductible Amount |
||||||
|
- Individual |
$1,150 |
$1,100 |
$1,100 |
$1,050 |
$1,000 |
$1,000 |
|
- Family |
$2,300 |
$2,200 |
$2,200 |
$2,100 |
$2,000 |
$2,000 |
|
- Individual “Embedded” Deductible* |
$2,300* |
$2,200* |
$2,200* |
$2,100* |
$2,000* |
$2,000* |
|
Maximum Out-Of-Pocket Amount |
||||||
|
- Individual |
$5,800 |
$5,600 |
$5,500 |
$5,250 |
$5,100 |
$5,000 |
|
- Family |
$11,600 |
$11,200 |
$11,000 |
$10,500 |
$10,200 |
$10,000 |
|
HSA Statutory Contribution Maximum |
||||||
|
- Individual |
$3,000 |
$2,900 |
$2,850 |
$2,700** |
$2,650** |
$2,600** |
|
- Family |
$5,950 |
$5,800 |
$5,650 |
$5,450** |
$5,250** |
$5,150** |
|
|
|
|
|
|
|
|
|
Catch-Up Contributions (For individuals 55 or older until enrolled in Medicare) |
$1,000 |
$900 |
$800 |
$700 |
$600 |
$500 |
|
|
|
|
|
|
|
|
* For an HDHP to be HSA compliant, IRS regulations require that the “embedded” individual deductible amount must be equal to or greater than the minimum family deductible limit defined by IRS each year.
**For tax years prior to 2007, annual contribution maximum was limited to the lesser of the HDHP deductible and the statutory contribution amount.
Click Here to Bookmark this Site
John K. Arnold
Florida Health Insurance
Group, Employee Benefits & Individual Health Insurance Specialist
Website Address www.floridahealthinsurance.com
E-Mail:
John K Arnold
Phone: 407-592-0311
Fax: 407-386-7053
If outside the US, it is best to e-mail as we can respond more
quickly. Thanks.
Let me know how I can help you.