Insurance Consultants of Central Florida

Health Insurance

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Health Savings Account

A Health Savings Account (HSA) is a tax-advantaged personal savings account designed to provide funds to pay qualified medical expenses, including health insurance deductibles and co-payments. An HSA is available to eligible individuals only in conjunction with a high-deductible health plan provided by an employer or purchased by an individual.

Health Savings Account Action Checklist

•	Become covered under a qualifying high-deductible health plan.
•	Become covered under a qualifying high-deductible health plan.
•	Arrange for payment of HSA contributions, subject to the maximum annual contribution amount ($2,900 for individual coverage or $5,800 for family coverage in 2008; $3,000 for individual coverage or $5,950 for family coverage in 2009).
•	An HSA typically provides a checkbook or debit card to use when paying for qualified medical expenses. While receipts are not submitted to the HSA administrator, they should be retained if needed in order to demonstrate that distributions have been made exclusively for qualified medical expenses.

The tax benefits of an HSA are significant. Your contributions to a Health Savings Account are tax deductible on an "above the line" basis, resulting in a dollar-for-dollar reduction in adjusted gross income.

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