The health savings account, or HSA, was created recently by federal legislation. An HSA lets you set aside pre-tax dollars for future medical, retirement, or long-term care premium expenses. Invest these funds as you wish within a broad range of choices, then use them for qualified expenses. The funds can roll over from year to year. You take them with you when you change jobs.
High-Deductible Requirements
To open an HSA, you must be enrolled in a qualified high-deductible health plan, as defined by the US Treasury. For 2007, the minimum annual deductibles are $1,100 for a self-only plan the maximum is $5,250 There is no minimum annual contribution limit, although most financial institutions will require a minimum deposit to create your account.
For 2007, the maximum contribution amount is $2,850 for single coverage.
It seems one would have to pay $1100-5250 til they could dip into the HSA. If one is living pay check to pay check are they going to be able to afford this plan?
2007-10-23
06:59:34
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11 answers
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Global warming ain't cool
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