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what is Health Savings Account ?   kannan   04/02/2013 02:08 PM  

Can somebody help me on this Health Savings Account.
Can this be useful for reducing Medical bills. Please help

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Re: what is Health Savings Account ?   Ashok   04/02/2013 02:41 PM  

If you have high deductible health insurance , then this will allow you to put he money into this account an pay for medical, prescription bills.

The money is taken from your gross, before tax and it will be very good if you want to reduce tax. An example will be, if you are getting 30k, you can keep 6 or 7k into this account, so your salary will be Round 23k or 24k and you pay no tax on hsa account.

But check if your plan allows/qualifies or not.

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Re: Re: what is Health Savings Account ?   kannan   04/02/2013 03:02 PM  

So once i some amount under this account and wasn't used at all, will i be able to reimburse at the end of the year.

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Re: Re: Re: what is Health Savings Account ?   kannan   04/02/2013 03:04 PM  

Thanks Ashok for your reply.
So once i have some amount under this account and wasn't used at all, will i be able to reimburse at the end of the year.



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Re: Re: Re: Re: what is Health Savings Account ?   Rao   04/02/2013 05:57 PM  

i dont think u can reimburse hsa,but it carries on to the next year.

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Re: Re: Re: Re: what is Health Savings Account ?   Desi   04/02/2013 05:59 PM  

You can withdraw as and when you want, it is your money. But it will taxable, but if you pay your med bill then no tax as you are withdrawing for expenses.

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Re: Re: Re: Re: what is Health Savings Account ?   Ashok   04/03/2013 06:46 AM  

If you do not use all the money, it goes to next year. It is a savings account. If you take the money and use for non medical purpose, then it will be taxable, best thing is to keep it for medical reasons as you can use it in the future also

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Re: Re: Re: Re: Re: what is Health Savings Account ?   kannan   04/03/2013 08:27 AM  

Thanks all for your info. Much appreciated.
Last question on this. Will there be any maintenance fee for this??

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Re: Re: Re: Re: Re: Re: what is Health Savings Account ?   HSA Helper   04/03/2013 09:11 AM  

This HSA is maintained by banks.

For Example, if you take HSA from United Health Care, then the bank that is going to maintain your funds is going to be Optum bank & it will chanrge around 10$ per year...

If your HSA is with Cigna, the bank is going to be JP Morgan Chase..Not sure about the maintenance chanrge on this one..

But i think every bank charges a minimal maintenance fees..

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Re: Re: Re: Re: Re: Re: what is Health Savings Account ?   ashok   04/03/2013 11:32 AM  

i see a reply already on the fees. If you have HSA options,then u will be saving a lot in taxes. so even if the bank charges a fee, it is still better. also, typically the insurance company gives the HSA bank option, so u may not have any choice, but go with them. i have united healthcare ( opti) and it is good. they give debit card and online bill pay option ..

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Re: Re: Re: Re: Re: Re: Re: what is Health Savings Account ?   kannan   04/03/2013 04:29 PM  

(at) HSA Helper, (at) Ashok: Thnx alot for your info.This made me easy.


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