HSA for HDHP taxpayers
Health savings account (HSA) is a term that you come across when you sign for health insurance in United States. You may be surprised what insurance has to do with account but it is very important to understand if you are enrolled in high-deductible health insurance plan (HDHP), the definition which appears in the US Government’s records. HDHP refers to a health insurance plan having lower premiums and higher deductibles. It is unlike usual conventional health plans that most people purchase. HSA is a HDHP designed for taxpayers to provide some relief from taxable income.
Qualification for HSA
Internal Revenue Service (IRS) of the US government defines maximum qualifying contribution in HSA and minimum deductible for high-deductible health insurance plan (HDHP) taxpayers based on individual and family income. The amount may change in every fiscal year and it depends on the IRS to fix minimums and maximums. Minimum is for deductibles and maximum is for out-of-pocket contribution.
Maintenance of HSA account
Health savings accounts are usually offered by health insurance providers but if it is not in the plan, you can open an individual HSA account. This facility is available at most financial institutions. You can also visit the link https://livelyme.com to open this account. You won’t have much trouble and there is not much documentation to open this account. Your HSA service provider will also provide you debit card or checks for your account that you can use to pay of eligible medical expenses. You can use them for copays, coinsurance, deductibles and uncovered medical expenses in your plan. One thing is important to know that payment of insurance premiums is not allowed from this account.
Now, you can understand how good this account can be for you to have dual benefits savings on medical costs and taxation. When you open your account with lively me, you’ll get all support in efficient maintenance of this account.