It doesn’t cost any more to have a personal, independent health insurance agent…it pays!
Questions about how an HSA can work for you?
What is a Health Savings Accounts (HSA)?
A health savings account (HSA) is a tax-exempt trust or custodial account that you set up with a qualified HSA trustee to pay or reimburse certain medical expenses you incur. You must be an eligible individual to qualify for an HSA.
Health Savings Account Limits:
What are the benefits of an HSA?
- You can claim a tax deduction for contributions you, or someone other than your employer, make to your HSA even if you do not itemize your deductions on Form 1040.
- Contributions to your HSA made by your employer (including contributions made through a cafeteria plan) may be excluded from your gross income.
- The contributions remain in your account from year to year until you use them.
- The interest or other earnings on the assets in the account are tax free.
- Distributions may be tax free if you pay qualified medical expenses.
- An HSA is “portable” so it stays with you if you change employers or leave the work force.
Qualifying for an HSA
To be an eligible individual and qualify for an HSA, you must meet the following requirements.
- You must be covered under a high deductible health plan (HDHP), described later, on the first day of the month.
- You have no other health coverage except what is permitted under Other health coverage , later.
- You are not enrolled in Medicare.
- You cannot be claimed as a dependent on someone else’s tax return.
Eligible medical expenses may include:
- Annual Physical Examination
- Artificial Limb
- Artificial Teeth
- Birth Control Pills
- Body Scan
- Braille Books and Magazines
- Breast Pumps and Supplies
- Breast Reconstruction Surgery
- Capital Expenses
- Christian Science Practitioner
- Contact Lenses
- Dental Treatment
- Diagnostic Devices
- Disabled Dependent Care Expenses
- Drug Addiction
- Eye Exam
- Eye Surgery
- Fertility Enhancement
- Founder’s Fee
- Guide Dog or Other Service Animal
- Health Institute
- Health Maintenance Organization (HMO)
- Hearing Aids
- Home Care
- Home Improvements
- Hospital Services
- Insurance Premiums
- Laboratory Fees
- Lactation Expenses
- Lead-Based Paint Removal
Ineligible medical expenses may include:
- Baby Sitting, Childcare, and Nursing Services for a Normal, Healthy Baby
- Controlled Substances
- Cosmetic Surgery
- Diaper Service
- Electrolysis or Hair Removal
- Flexible Spending Account
- Funeral Expenses
- Future Medical Care
- Hair Transplant
- Health Club Dues
- Health Coverage Tax Credit
- Health Savings Accounts
Saturday: By Appointment
Insurance Agency, LLC
2916 Pine Grove Avenue
Port Huron, MI 48060
Phone: (810) 984-1373
Fax: (810) 984-1384
Search This Site…
The Grant Smith Health Insurance Agency is not affiliated with the U.S. Government or Federal Medicare Program.