Infinitive Benefits Services

Health Savings Accounts - New York and New Jersey

With Health Savings Accounts, you're in control of your money and your health.  Health Savings Accounts are the wave of the future and the way to control your own money; Infinitive Benefits will educate and guide you in the right direction.  If you’re looking to save significant premium on your group health plans, let us show you how.

Health Savings Accounts (HSAs) give you more control over your healthcare financing.  Health Savings Accounts are combined with an HSA-compatible health insurance plan to offer a more affordable approach to healthcare.  The health plans typically provide lower premiums and the Health Savings Accounts provides tax benefits when contributions are made, as funds grow and when used to pay for qualified medical expenses. Lower insurance premiums combined with using tax-free money can lead to significant savings.

Health Savings Accounts are tax-exempt accounts where funds can grow to pay for medical expenses. They were created to help give control back to consumers and lower healthcare costs. They provide a financial incentive for consumers to select a high deductible health plan (HDHP).  HDHPs have lower monthly premiums than traditional plans. The (HSA)/HDHP combination provides consumers with more incentive to shop carefully for healthcare services.

There are two parts to Health Savings Accounts: you must have a qualified HDHP (insurance carrier plan) and then you can open an Health Savings Account.  The HSA is your account.  If you switch jobs, the Health Savings Account can go with you, so there are no 'use it or lose it' situations.

Generally speaking and for the year 2010, the IRS requirements let you have a minimum deductible of $1,200 for a single person and $2,400 for a family plan under the healthcare insurance plan (HDHP).  The max you can contribute/put away in your Health Savings Accounts is  $3,050 per single or $6,050 per family.  If you are 55 or older, there is a catch up contribution that can be made.  Anyone can contribute to your Health Savings Account, your contributions are tax deductible and you could make contributions on a pre-tax basis.  You can transfer funds from an IRA to an HSA.  Once you are 65 years of age and you are on Medicare, you can no longer contribute funds to your HSA, but you can use your funds already in your HSA to pay for qualified medical expenses.  If you withdraw your funds for non-qualified expenses (which you can do), you will be subject to tax.  If you are under age 65, and withdraw your funds for non-qualified expenses, the amount used will be taxed and you will incur a 10% penalty as well.

We are knowledgeable professionals with over 20 years of experience providing solutions to residents of New Jersey and New York .Contact us to discuss what Infinitive Benefits can do for you!