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How to qualify for an Atlanta HSA
In our last post we talked about the benefits of an Atlanta HSA or Health Savings Account. An HSA is a tax free savings account that when combined with a high deductible Atlanta health insurance plan offers many benefits. Today we will discuss how to qualify for this tax free way to pay for medical expenses.
Point # 1: Who qualifies for an HSA?
In order to open an HSA:
- You must be covered by a qualified high deductible health plan (HDHP),
- You can’t also be covered by any other health plan that is not a high deductible health plan (there are some exceptions)
- You can’t be enrolled in Medicare
- You can’t be claimed as a dependent on another person’s tax return.
Point # 2: What qualifies as a high deductible health plan (HDHP)?
- In 2010, an HDHP consists of an annual deductible of at least $2,400 for a family and $1,200 for an individual.(No payments are made by the HDHP until deductibles are met)
- The out-of-pocket maximum limit, including deductibles, is $5,950 for an individual and $11,900 for a family.
- The policy must meet the specific HSA design specified by the U.S. Congress.
Point # 3: How much can I contribute to a HSA each year?
According to the IRS the following contributions may be made into the fund for the calendar year 2010:
- Individual may contribute up to $3,050 to their HSA in 2010
- Families may contribute up to $6,150 to their HSA in 2010
- If you are over 55 and trying to play catch up then you can contribute up to another $1,000 in 2010
We hope that this helps to answer your questions about the Health Savings Plan. If we can help you to get an affordable catastrophic health plan then please contact us at (770) 497-1200.
Lloyd Pro Group a Duluth Ga Nationwide Insurance agency has been helping families with GA insurance to protect what matters most since 1985. Lloyd Pro Group can be reached at (770) 497-1200 or at their website at http://www.lloydprogroup.com
