UMB Healthcare Services' CEO Provides Perspective On Common HSA Myths
(NASDAQ: UMBF), provides the following perspective to address common myths surrounding HSAs:MYTH: HSAs are only for the wealthy
Given the fact that HSAs are paired with high-deductible health plans, it is a common misconception that HSAs are best-suited for persons with high incomes who can more easily afford to pay for a high deductible than a person with an average income. In reality, HSAs are a powerful vehicle to save and pay for health care expenses, regardless of income level. According to a 2010 Annual Survey Employer Health Benefits).
MYTH: HSAs are just for the young and healthy
Regardless of a person’s age or health, HSAs are useful. In fact, HSA enrollment is nearly equal across age groups. Forty-nine percent of all HSA/high-deductible health plan enrollees in the individual market, including dependents covered under family plans, were age 40 or older, according to a report from America’s Health Insurance Plans.
HSAs can be a long-term investment opportunity, but that is not the
only opportunity for these accounts. They can also be an effective tool
for those who are nearing retirement age and looking for a virtually
tax-free account to save for health care expenses during their
pre-retirement years. People aged 55 and older have the opportunity to
make catch-up contributions each year that is over and above the
allowable limit for the individual year. The catch-up contribution for
2011 is active.
MYTH: HSAs provide limited coverage
Qualified high-deductible plans coupled with HSAs actually provide
One key difference with coverage and costs is that consumer-directed
MYTH: HSAs are simply shifting costs to individuals
Employers are not the sole benefactors when implementing
In dispelling these common myths, one can more clearly understand
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Illinois Health Insurance Hsas - News
Simplee transforms health insurance information into a personalized dashboard that allows users to track bills and claims in real-time, and edit transaction details. It intuitively presents medical visits, deductible status, health savings accounts
--(BUSINESS WIRE)-- Offered since 2004, Health Savings Accounts (HSAs) are still relatively new to the health care marketplace. The relative newness of these accounts leaves much room for education and opportunity for misconceptions.
With the recent addition of Blue Cross Blue Shield of Illinois, Blue Cross Blue Shield of Massachusetts, Blue Cross Blue Shield of Texas and MetLife, Simplee guarantees the greatest access to secure, comprehensive personal health insurance management
America's Health Insurance Plans (AHIP) revealed that as of January 2011 more than 11.4 million Americans are now covered by HSAs in conjunction with high-deductible health plans, a 14 percent increase from 2010. "High-deductible health plans with HSAs
ConnectedHealth is based in Chicago, Illinois, and is a provider of a new health insurance exchange decision-support platform for health insurers, employers, and consumers. The ConnectedHealth team has leveraged its deep experience in helping consumers
Illinois Health Savings Accounts | Health Insurance Broker Illinois
An Illinois Health Savings Account (HSA) can be a great way to provide you with the opportunity to control your health care costs while enjoying some significant tax advantages. As an Illinois license health insurance brokerage, Health Insurance Services, Inc. is here to help you better understand your health insurance options.
If you’re unsure as to how an HSA works or how it will fit with your particular health care needs, take the time to learn a little about the benefits and make an informed decision. Besides, understanding your health care options can only work in your favor, giving you more information and knowledge when it comes time to purchase health care coverage.
What is a Health Savings Account?
The easiest way to understand a health savings account is to think of it like a personal savings account where the money can only be used for health care related expenses. Basically, an HSA is a tax exempt trust that is set up to pay for or reimburse medical expenses that you incur. Health savings accounts were created in 2003 for people who were covered by high deductible health plans. The goal was and still is to give them tax advantages to offset medical expenses.
Benefits
A health savings account has some great benefits. Not only can you save money on health care, but also, you have more choice and control in how you choose to spend your health care dollars. Plus, let’s not forget the tax advantages.
You’re allowed to claim a tax deduction for contributions you make to your Health Savings Account and any contribution your employer makes can be excluded from your income for purposes of filing taxes. You can even invest the money in stocks, bonds etc. Interest on the earnings is tax free and funds roll over from year to year. Additionally, you’ll never lose your health savings account because it belongs to you. So if you move out of state or change jobs or even lose your job, your account is secure.
Illinois Health Insurance Hsas - Bookshelf
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