Good Information Articles

Celebrate Health Awareness Week by Maximizing Your HSA

SAN MATEO, Calif. (PRWeb) January 25, 2007 -- In honor of Health Awareness Week (Jan. 23-29), Andrew Housser, co-CEO of Bills.com, an online consumer financial portal, is offering consumers tips on how to maximize Health Savings Accounts (HSAs) and corresponding medical plans.

To obtain an HSA, a consumer must purchase high-deductible health plan (HDHP) insurance coverage. Consumers then can fund HSAs up to the maximum allowed -- typically $2,850 for an individual or $5,650 for a family. Earnings accumulate tax-free, and withdrawals are tax-free as long as they are used to pay for qualifying medical expenses.

According to the Bureau of Labor Statistics, 6 percent of all private industry workers have access to an HSA. Even though HSAs represent a relatively new health care coverage option, the trade group America's Health Insurance Plans (AHIP) found that HSA plan participation in early 2006 had tripled in the previous 10 months, to nearly 3.2 million Americans.

"The tax-free benefit was devised to compensate for consumers' taking on a greater share of their health care expenses with HDHPs," Housser said. "But despite their growing popularity, HSAs can be confusing."

Housser's tips for thriving with an HSA include:

1.    Fund the HSA to the deductible. At a minimum, fund the HSA up to the amount of your deductible. Then, even if you encounter an expensive medical treatment that results in meeting your deductible, you can pay the expense from the account, rather than relying on credit cards or loans.

2.    Fully fund the HSA. Next, determine your maximum annual contribution, divide by 12, and save that amount monthly. Automate the process if possible. Many HDHPs do not cover expenses 100 percent after the deductible is met. Instead, more like old-fashioned fee-for-service insurance coverage, the plan might pay 80 percent while you pay 20 percent. When you continue to fund the HSA, you make funds available to pay for additional expenses. "There's no such thing as contributing too much, as long as you don't go over your annual limit," Housser said. "The money in the HSA belongs to you."

3.    Get the best rate. Medical providers typically charge one rate to those without insurance, or who pay for services in cash, and a separate, "contracted" rate to insurers. Ask your medical provider for the best rate, whether it is the contracted rate or the office's best cash rate. Sometimes, the contracted rate - which can be as much as 20 percent less than the cash rate - is available only if your physician or other medical provider run your expenses through their typical claims submission process.

4.    Make expenses tax-benefited. Don't forget to take advantage of tax benefits by running expenses through the HSA. Some accounts simplify the process by providing a debit card or checks to access the HSA. Other policies require consumers to submit forms requesting a withdrawal from the account. Always pay providers directly from the account or submit your expenses to the account for reimbursement. "Otherwise, you're missing out on the tax benefits, and your medical bills might not count toward your deductible," Housser cautioned.

5.    Take what is yours. Some have compared the HSA to an IRA (individual retirement account) for your health. Your contributions belong to you, and you can keep the account if you switch jobs or retire. "Even if you switch to a non-HSA plan, or retire and move into a Medicare plan, you can still use your HSA funds to pay for medical expenses," Housser said.

6.    Celebrate after 65. Non-medical withdrawals from HSAs face a 10 percent penalty for consumers younger than 65. But for those over 65, the story changes: While consumers still must pay tax on the withdrawals if they are not used for medical purposes, the 10 percent penalty does not apply after age 65. "Regardless, it's still wise to keep your funds in the HSA account for medical use," Housser said. "It's a rare senior who does not face extra medical expenses at some point."

"By understanding their HSAs, consumers can take steps to make sure the accounts are working for them," Housser said. "In today's challenging health insurance market, the HSA can be a safe haven from skyrocketing medical costs -- if you use it to take charge of your own health."

Based in San Mateo, Calif., Bills.com is a free one-stop online portal where consumers can educate themselves about complex personal finance issues and save money by choosing the best-value products and services. Since 2002, Bills.com and its partner company, Freedom Financial Network, have served more than 10,000 customers nationwide while managing more than $350 million in consumer debt. The company's co-founders and CEOs, Andrew Housser and Brad Stroh, were named Northern California finalists in Ernst & Young's 2006 Entrepreneur of the Year Awards.

###

Other Article Sites

findabook.com  moneycd.info  a-mortgage.info   about-lemon-laws.info  aboutstudentloans.info
all-about-publishing.info  auctions-articles.info  bestcollege-university.com  bestispconnection.com
biblefolder.com  blogger-website.com  books-used.info  brokers-guide.info  buywindows.info  cable-dsl.info
career-miner.com  carpel-tunnel.info  cashinaflash.info  cashloanreviews.info  casinobell.com  chat-house.info
clearmycredit.info  collegeloantips.info  crones.info  depression-articles.info   dirnic.net  dishguides.info
divers-below.com  expodog.info   financewizz.com  fire-insurance.info  getgood.info  handleit.net   it-idea.info
health-supplies.info  hosting-right.com  insidealert.com  insurance-facts.info  jobs-employment.info
justgood.info  lookgold.net   lowcost-travel.info  money-source.info  myhostzone.info  numisblog.com
peoplesearchfinder.info  pr-articles.info  realeas.com   refinancing-guides.info  spyware-remove.info
telelot.info  the-law.info   toppaid.info  travel-deals.info  travelcorrect.com  wedding-guide-site.com
your-blog.info  your-credit.info

MORE ARTICLES:

Internet Marketing Tools - Increasing Free Web Site Traffic
There are plenty of ways to get free web site traffic, and you'll want to use those ways most often. Free web site traffic is out there for the taking --all you have to do is know how to lure it to your site. However, there are other ways to increase site traffic if your efforts to get free web site traffic are not meeting your expectations or if you simply don't have time to jump through all the hoops.

Double Your Business Profits
As the owner of a small business you often have to wear a number of different hats; manager, technical expert, marketer, problem solver and more. Which role you believe to be the "real you" will determine how much net profit your business makes.

CellTrust Wallet(TM) Gives Business the Ability to Ramp-up Mobile Customer Relationships: Pre-Configured Modules Save Companies Time & Cost Deployin
In sync with business' desire to build better customer relationships and brand loyalty, CellTrust Corporation (www.celltrust.com) today announced the availability of mobile software and services that make it possible for any type of business to rapidly and cost-effectively roll out a mobile marketing campaign with the advantages a secure micro-client based data platform offers. Saving months on campaign development and immediately resolving the issue of handset and carrier compliance, CellTrust Wallet, a business-to-business-to-customer mobile marketing and messaging solution, includes seven pre-configured modules which can be easily tailored to busines...

Fern Reisss PublishingGame.com: Achieve Media Attention for Your Business
Do you want to be quoted by the national press on a daily basis?  (How much would that be worth to your business?) In the past six months, I've been quoted in The New York Times, The Wall Street Journal, The Washington Post, The International Herald Tribune, Entrepreneur, The Associated Press, PBS, Voice of America, Family Circle, Glamour, Redbook, Self, Health, Prevention, Parents, Parenting, Women's World, First for Women, Newsday, Newsweek, Salon, In Touch Weekly--and even The National Enquirer. In fact, I've been quoted in over 100 prestigious U.

Decent Home Business Opportunities
Many business opportunities exist that can be run from home successfully. In a previous article I discussed the various types of scams that are sold as potential business opportunities. Here I will look at the types of businesses that are already being run from home successfully.

SEO Success Story - Vexcom Quadruples Site Traffic for Atlanta Custom PVC Home Parts Manufacturer with Internet Marketing
Vexcom SEO helped The Right Angle increase their sales revenue dramatically, in less than six months. The marketing efforts led to being featured nationally on NBC. Their formally "slow-season" now brings in more business than the previous busy season. Vexcom professional SEO services helped The Right Angle score record setting revenue and ROI for the 2008 season.

Roemer Insurance Sees Soft Market as Ideal Time for Business Expansion
The insurance market is in a down cycle right now and while some might see that as a threat, Toledo-based Roemer Insurance sees it as an opportunity for growth. The independent insurance and risk-management firm is increasing staffing in all areas of its business, from customer service representatives to sales account managers.

Ins and Outs: The Fellowship of Child Rearing
For a snapshot of successful parenting, look to God's model Son.

Save Their Story?, Inc. Partners with Commemorative Air Force at Las Vegas Air Show: Family Historian to Digitally Preserve Veterans' Stories
Save Their Story, Inc. conducts family history interviews and will help World War II veterans who attend the air show November 10-11 at Nellis Air Force Base record some of their stories on video. The founder of the company, Bridget Poizner, was contacted by the Commemorative Air Force (CAF) to see if her company would donate time and expertise for this project. She will personally be on hand near the B-17 and B-24 aircraft to assist veterans in preserving some of their stories about their World War II experiences. Participants will be able to download for free a video of their interview from Save Their Story's website.

Households Abonding Their Home Phones
According to the National Health Interview Survey, conducted by the U.S. Center for Disease Control, about 3 in 10 households either only use mobile phones or rarely take calls on their landlines.

Internet Marketing Information Online Entrepreneurs Cannot Ignore
Think all you need to know about online marketing has already been said and done Think again

How To Find Your Dream Home In Belize
Shopping for property in Belize is not as simple an undertaking as you might initially expect!Firstly, estate agents as we know them are non existent! Real estate brokers that do exist are likely to be unlicensed, unregulated and certainly not trained or insured.Secondly, the majority (and I mean the majority) of property for sale is not advertised!But with property prices remaining affordable, the quality of property available attractive, the climate beautiful, the people welcoming, the quality of life incredible and the opportunities in Belize plentiful, more and more people need to know HOW they can go about procuring themselves their dream home in Belize.

Reporting Internet Scams
When it comes to reporting Internet scams most of us either don't have a clue who to contact or just ignore them in our email. But according to an FBI report in December 2004, nearly ten million people last year didn't ignore them and fell for the latest Internet scams.

A Tree In Bloom All Year -- Suggestions for the Home Garden and Landscape
As a lifelong Horticultural professional, Vicki Smith (www.LGYP.com) has exciting news and guidance for growing flowering trees in the home garden and landscape, so that the home gardener might have something in bloom throughout the year. By following the natural bloom sequence, anyone's landscape can have a tree in flower during most, if not all of the seasons.