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HSA … the IRA of Healthcare!

There are two basic components that make up an HSA.

1. High-Deductible Health Plan (HDHP) - To qualify for an HSA, you must be covered under a qualified HDHP. Such a policy provides basic health care benefits and offers premiums that are lower than traditional insurance policies. The chart below shows what qualifies as a High-Deductible Health Plan.
   
   

   HSA Deductible Ranges For 2008
   	Minimum Deductible	Maximum Out-of-Pocket
   Individual   Coverage	$1,100	$5,600
   Family   Coverage	$2,200	$11,200

   HSA Deductible Ranges For 2007
   	Minimum Deductible	Maximum Out-of-Pocket
   Individual   Coverage	$1,100	$5,500
   Family   Coverage	$2,200	$11,000

   HSA Deductible Ranges For 2006
   	Minimum Deductible	Maximum Out-of-Pocket
   Individual   Coverage	$1,050	$5,250
   Family   Coverage	$2,100	$10,500

   HSA Deductible Ranges For 2005
   	Minimum Deductible	Maximum Out-of-Pocket
   Individual   Coverage	$1,000	$5,100
   Family   Coverage	$2,000	$10,200

   HSA Deductible Ranges For 2004
   	Minimum Deductible	Maximum Out-of-Pocket
   Individual   Coverage	$1,000	$5,000
   Family   Coverage	$2,000	$10,000

   
   
2. Savings Account - A Health Savings Account is a tax-exempt fund in which you accumulate savings to pay for future medical expenses. Contributions are tax deductible, and income earned on funds in the HSA grow tax-deferred. You can use the funds in the account for qualified medical expenses until the deductible has been met; at that point, your insurance coverage begins. You can also use the funds for dental, vision, and other services that may not be covered under the high-deductible health insurance policy.