HEALTH SAVINGS ACCOUNT     HSA SET UP ACCOUNT HERE

This can be a good choice for self-employed and 1099 income individuals.

Once we have purchased a qualified Major Medical Plan with a HighDeductible…the IRS then allows us to open a HealthSavingsAccount at a local bank of our choice.   Each year, we can deposit untaxed dollars into the account…up to our deductible amount, but not to exceed IRS Guidelines.

HSA IRS Tax Code IRS.gov     Publication 969

The money rolls over each year and accumulates,

unlike the FSA that you may be familiar with at work that is “use it or lose”.

This money will remain untaxed as long as it is spent on qualified medical expenses.  IRS_Publication_502

Please see your tax professional to claim deductions.  When contributions are used  for non qualified medical expenses a 20% penalty is added until  age 65.

For assistance in choosing a qualified Major Medical Plan please Contact Me.