A Health Savings Account (HSA) is an alternative to traditional Life Insurance that offers consumers a different way to pay for their health care. HSAs enable you to pay for current and future health expenses on a tax-free basis, while an attached high-deductible insurance policy protects you against catastrophic expenses.
Here are answers to some common questions concerning HSAs:
Can anyone open an HSA?
To be eligible for an HSA, you must be under 65 years old, and covered by a Qualified High-Deductible Health Policy (QHDHP).You are ineligible if covered by another Health insurance policy (except coverages such as Cancer, Dental, Disability, Long-Term Care or Vision insurance) that isn’t a qualified high-deductible plan.
Where can I open an HSA?
Accounts can be established with banks, credit unions, insurance companies, and other approved companies. Your employer might also set up a plan for its employees as well.
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What is a QHDHP?
To qualify the policy must meet current IRS requirements. For 2009 the requirements are as follows:
- The deductible must be at least $1,150 for individuals or $2,300 for families.
- The annual out-of-pocket expenses cannot be greater than $5,800 for an individual or $11,600 for a family. These figures include the deductible and any co-insurance, but not the premiums.
How much can I contribute to an HSA? What happens to unused funds at the end of the year?
Limits are updated annually by the IRS. For 2009, the contribution limits are $3,000 for singles and $5,950 for families. However, if you are 55 or older, you can contribute an extra $1,000.
The unused balance in an HSA rolls over automatically year after year. You won’t lose your money if you don’t spend it within the year.
How do I receive the tax benefits?
If you have an HSA through your employer, you might be able to make pre-tax payroll contributions. Otherwise, your contributions will be deductible when you file your taxes, even if you don’t itemize. Also, you are eligible to make a full contribution regardless of income unlike IRAs.
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Right now you probably do not have a lot of financial obligations and probably do not need much in Life Insurancecoverage, but you will. Right now you like most 20 year olds are probably burning through enough money in a month in waste spending that you could in fact buy a very attractive WL policy so that when you do need it, you will have it! You will have already accrued much cash value, locked in on a younger age premium and more.
Some more points to consider WL premiums can be structured to go down over time. Term is guaranteed to go up! (For the “buy term invest the difference” crowd) WL has guaranteed cash values the market has NO guarantees! WL has a waiver of premium that says even if you buy insurance today and get perm disabled tomorrow, you will never have to pay your premiums again and the policy will stay in force and the cash value will still grow.
Visit our website today to find out how Scurich Insurance Service can help you with your Life Insurance needs!
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Celebrities are a narcissistic breed who tend to value themselves above most. Obsessed with their bodies and worldly assets and terrified that they one day will loose them, many take out quite interesting insurance policies
Jennifer Lopez’s rear – $27,000,000
Perhaps one of the most famous celebrity insurance cases is Jennifer Lopez’s behind. A staggering $27 million: That’s how much Mrs. Lopez’s butt cost to insure. For you math geeks that’s $100,000 per square inch.
Some people insure everything! What’s the funniest thing you ever seen insured?
Scurich Insurance can help insure the assets that are important to you, like life. Life Insurance is by far the most important Insurance to have. Although if your a driver Auto Insurance is very important, Life Insurance is a vital part of your family’s future if something were to happen to y0u.
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No matter age, race, religion, or financial status- Life Insurance is something to think about at a young age. Securing yourself and your family at a young age can help you save tremendously in the long run. Think about it……
Life insurance, wisely planned, can make a valuable contribution to a family’s economic security. The basic idea of life insurance is simple, but the details can be hard to understand. Learning these details helps you get the most for your dollar. It also helps you know your family will have income should you die.
Most of the time people don’t want to talk, or hear about anything that has to do with Life Insurance. The fact is it’s a necessity for each and every one of us. Start planning quickly, your family deserves the security that encompasses being insured if anything happens to you.
For more information on Life Insurance visit our website today!
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If you think about it for a minute, you insure everything that’s significant in your life; why not insure yourself? You are priceless after all.
A life insurance policy helps give you and your loved ones protection from the unexpected. You know that if something happens to you, your family will have the financial protection they will need down the road.
Life insurance can help make sure that in your absence, those financial needs are taken care of long into the future.
If you’re looking for Life Insurance Quote then Scurich insurance is the right choice for you and your family…
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Scurich Insurance
320 East Lake Avenue, PO Box 1170
Watsonville, CA 95077-1170
Office: 1-831-722-3541
Toll Free: 1-800-320-3666
eMail: [email protected]
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