Health Savings Account
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| Cash Doctor™ Frequently Asked Questions - Health Savings Account |
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| What are the benefits I could see if I was to choose a Major Medical and HSA combination? |
You could save as much as 70% on health insurance premiums.
Premium and contributions to HSA are both tax deductible (consult with your tax advisor for your specific situation)
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| Who Can Purchase an HSA? |
Anyone with a "QUALIFIED" high deductible health insurance plan
- individuals, employees and employers. |
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| Who can contribute to an HSA? |
Individuals, employees and employers. |
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| How Much can be contributed to an HSA in 2007?
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The maximum annual contribution is $2850 for a single person and $5650 for a family. The annual maximum contribution will change each January 1st based on the CPI. There are no maximum limits on account accumulation. The legislation also provides for an additional contribution (and tax deduction) for those who turn age 55 before the end of the year. The additional contribution amount is $800 for 2007 and increase annually to an additional $1000 in 2009.
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| Whose money is IT? |
The funds belong to the individual or employee. |
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| What can HSA funds be used for? |
Funds can be withdrawn for any purpose, HOW EVER, if not
withdrawn for "qualified" medical expenses by someone under age 65, the amount withdrawn is taxable and subject
to 10% penalty by the IRS. After age 65, there is no penalty for non-qualified withdrawls but amounts re taxable
as ordinary income. |
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| What is a "Qualified Medical Expense"? |
Funds used to pay the following are tax-free and penalty free;
Qualified medical expenses as defined under Section 213 of the IRS code, COBRA Insurance, Qualified long-term care
insurance and expenses, Health insurance premiums for individuals receiving unemployment compensation, Medicare
and retiree health insurance premiums, but not Medicare supplement premiums |
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| What happens to the money in my HSA that I don't spend? |
At the end of the year, the money that is not spent will simply
stay in the account under your direction. You have the options of many different types of accounts that will allow
you to invest the money in savings accounts, stocks, bonds & mutual funds and the money grows TAX FREE. |
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| How do I access my Health Savings Account? |
Access all depends on the company you use to establish your account.
Many offer credit and debit cards issued by Visa and Mastercard. Some offer high interest savings accounts that are
only accessible by PPO network billing or reimbursement vouchers. No matter what plan you choose, you always can
access your money. |
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| Is an HSA allowed for those small business owners who are not eligible for an HRA? |
YES. |
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| Frequently Asked Questions - Consumer |
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| What if my current Provider does not subscribe to CashDoctor™? |
There are two ways for you to recruit or recommend CashDoctor™ to your
current or prospective provider. First you will need to call the prospective service provider and get their e-mail address or
fax number. You then can click on the "tell a provider" button located on our home page. You will then be instructed on
how to send an e-mail or fax to the provider of your choice. |
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| Does it cost me anything to use the services of CashDoctor™? |
The services of CashDoctor™ are ALWAYS FREE TO THE CONSUMER. |
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| Can I save the results of my search? |
YES, we have two options you can save. You can save the report results
in a printable format, or you can save the specific details of a particular Provider to you address book via the v-card
save function. |
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| What is a "Health Savings Account"? |
Please click on the following link HSA and you can learn all you
need to know. |
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| What is "Major Medical - High Deductible" health insurance? |
Click on the following link MM and you will be able to learn all
you need to know. |
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| Where do I find a Health Insurance agent that sells HSA's and Major Medical? |
Click on the "Find an Agent" button located on our Home page. |
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| How much should a doctor charge for services? |
The term used in the Health Care industry that is recognized by
the majority of the health insurance companies is "Fair and reasonable" or sometimes know as "Customary". These
charges are related to the amount the government reimburses for Medicare. At CashDoctor™ we encourage users to compensate
Medical Service providers FAIRLY. These are the professionals we count on for OUR HEALTH and we feel that should be
compensated accordingly. |
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