INTRODUCTON - The term "health insurance" commonly used in the United States for any program that helps pay for medical expenses, a description of the privately purchased insurance, social insurance or a non-insurance social welfare by the Government Finance funded through the program. Synonyms for this use "health coverage," Health care coverage "and" health benefits "and" include medical insurance. " A more technical sense, the term for any form of insurance that provides protection against injury or disease is described.
In the U.S., the health insurance industry has changed rapidly during the past few decades. In 1970, most people who had health insurance had indemnity insurance. Indemnity insurance is often called fee forservice. The traditional health insurance, which the medical provider (usually a doctor or hospital) gets paid a fee for each service is provided to patients covered under the policy. Compensation schemes linked to an important class consumer-driven health care (CDHC) is. Consumer-directed health plan, individuals and families over their health care, including the permission to control when and how they access care, what they will receive the type of care and how much they spend on health care services.
These plans, however, higher deductibles for the insurance of your pocket to pay before they can claim insurance money has been associated with. Consumer-driven health care plans Health Reimbursement (HRAs) plans, flexible spending (FSAs) accounts, high deductible health plan (HDHps) include Archer Medical Savings (MSAs) Accounts and Health Savings Accounts (HSAs). Of these, health savings accounts and they are the most recent during the last decade has seen rapid growth.
What is a Health Savings Account?
A Health Savings Account (HSA) A tax-advantaged medical savings account available to taxpayers in the United States. Funds deposited into account contributions are not subject to federal income tax at the time. To these at any time without federal tax liability for qualified medical expenses can be paid.
Another feature that has contributed funds Health Savings Account roll over year over year if not spent submitting. Retirement without any tax liability that employees may be revoked. Withdrawals for qualified expenses and interest earned are also not subject to federal income taxes. U.S. Treasury office, according to a Health Savings Account, "an alternative to traditional health insurance, it is a savings product that consumers in a different way to pay for their health care provides.
HSA you pay for current health expenses and save for future medical and retiree health expenses on a tax-free basis can qualify. "This type of health savings account for a U.S. health care system to increase the efficiency and people more responsible and their health care needs to be prudent to encourage the effort. The consumer-driven health care plan falls in the category.
Source of health savings account
Health Savings Account improve medical drugs, was established under, and Modernization Act passed by U.S. Congress in June 2003, by the Senate in July 2003 and signed by President Bush on December 8, 2003.
Eligibility -
The following persons are eligible to open a health savings account -
- A high deductible health plan (HDHP) is covered by.
- Other health insurance plan they were not.
- They do not enroll in Medicare4.
In addition to which one can contribute and there is no income limit for earned income tax is not required to contribute. However, anyone who has been up and are depending on the tax return can not be set. HSA also set up independently by the children can not.
A high-deductible health plan (HDHP) is?
Enrollment in a high-deductible health plan (HDHP) to open a health savings account, an essential qualification for anyone wishing to. HDHPs Medical Modernization Act, which actually got a boost by launching HSAs. A high-deductible health plan is a health insurance plan has been reduced to a certain extent. The limit of insurance before the person can claim the insurance money should be crossed. It does not cover first dollar medical expenses. So for a person's own initial expense that is called paying out of pocket costs.
Immunization and preventive health care costs in the number of HDHPs exemption means that the person is excluded from compensation for them. HDHPs can be taken both by individuals (self-employment as well as employed) and employers. In 2008, HDHPs own for $ 1100 and for self and family coverage with deductibles ranging from a minimum of $ 2,200 in the U.S. are being offered by insurance companies. Maximum out of pocket limits for HDHPs for themselves and $ 5,600 for self and family enrollment is $ 11 200. The IRS limits the exemption limit as he Internal Revenue Service (IRS) are set by the called. HDHPs in the deductibles and insurance premiums paid by the relation between inversely propotional ie high deductible, low premium and is contrast. HDHPs are the major perceived benefits that they are a) to cause patients to be reduced by more cost-conscious health care costs, and b) will be cheaper for insurance premiums and uninsured. Argument is that when patients are fully covered (ie health plans with lower deductibles), they are less health conscious and less cost-conscious when going for treatment.
Opening a Health Savings Account
A person banks, credit unions, insurance companies and other companies with approved can sign up for HSAs. But not all insurance companies offer health insurance plans HSAqualified an insurance company qualified insurance plans that offer this type of use is important. Employers also can develop a plan for employees. However, the account is always owned by the person. Direct HSA-eligible health insurance online enrollment in Hawaii, Massachusetts, Minnesota, New Jersey, New York, Rhode Island, Vermont and is available in all states except Washington.
Health savings account contributions
Contributions to HSAs can be made by a person owns the account by an employer or by another person. Made by the employer, the employee's contribution is not included in income. Made by an employee, it is treated as exempt from federal tax. For 2008, the maximum amount that can be contributed (and deductions) from all sources for an HSA is:
$ 2900 (self-only coverage)
5800 ($ family coverage)
These limits are set by the U.S. Congress through statutes and they are indexed annually for inflation. For individuals over 55 years of age, there is a special provision that allows them to catch up to 2008 extra $ 800 and $ 900 for 2009 is to be stored. The actual maximum amount an individual can contribute each month the HDHP (pro-rated basis) is covered by the first day of a month as the number depends on. If you like June 30, 2008 1.2008 January to the family HDHP coverage, the struggle for the HDHP coverage, you 6 / 12 a 5800 dollars or 2900 dollars for 2008 HSA contributions are allowed. If you June 30, 2008 1.2008 January to the family HDHP coverage, and on July 1, 2008 December 31, 2008 HDHP coverage for yourself, you 6 / 12 x 5800 dollars to contribute to an HSA than six are allowed / 12 in 2900 dollars or 4350 dollars for 2008. If an individual HDHP on the first day of the month opens, the first day may contribute to HSA. However, if he / she first opens an account than any other day, it can contribute to next month since the HSA. After the 15 year contribution as late as April can be made. Contribute to the HSA is over the limit contributions by individuals should be withdrawn or be subject to excise tax. Individual income tax on the excess amount withdrawn to be paid.
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