In 2010, IRS regulation consider a HSA eligible health insurance plan as any high deductible plan with a minimum annual deductible greater than $1200 for individual coverage or $2400 for family coverage. In addition, the plan must have a maximum annual deductible and out of pocket maximum of $5950 for individual coverage and a maximum annual deductible and out of pocket maximum of $11,900 for family coverage. High deductible plans tend to have lower monthly premiums reflecting a greater cost sharing by the patient. These plans are designed to work hand in hand with tax advantaged Health Savings Accounts.

A savings account that can be used to pay for qualified medical expenses. If you choose a high deductible health insurance plan, you can also set up a tax favored Health Savings Account. Amount saved each year is eligible for a tax deduction up to the allowable limits. Amount saved each year, if any, is totally up to you.

HSA eligible health insurance plans allow you to save, on a pre-tax basis, funds that can be used to pay for qualified medical expenses incurred throughout your life time. For example, if you are in the 25% Federal Tax bracket, each dollar paid on eligible medical expenses, requires that you would make $1.25 in pre-tax earnings. In addition, savings in a HSA grow tax free and are never taxed provided they are used to pay for qualified medical expenses. You can continue to set aside money in a HSA until age 65, there are no age limitation on using HSA dollars.

No, money saved in a Health Savings Account is not lost if not spent at the end of year. Your money will continue to grow on a tax deferred basis, and can be withdrawn at any time, tax free, provided funds are used to pay for qualified medical expenses (premium are not considered qualified medical expenses).

For 2010, per IRS regulations, you can contribute up to $3,000 for individual plans or up to $5,950 for family plans. If you are 55 or older you may contribute an additional $1000 as a catch up contribution to your Health Savings Account. Your contributions are tax deductible and can grow tax free provided they are used only for qualified medical expenses.

Health Savings Accounts are available from a variety of banks and credit unions offering a number of investment options and fee structures. Many health insurance companies, through prior agreements with major banks, allow you to open a Health Savings Account at the same time you apply for a High Deductible health insurance policy. However, you are free to open your Health Savings Account with any bank or credit union that you prefer.

No, money saved in a Health Savings Account is not lost if not used at the end of the year. In fact, monies in a Health Savings Account continue to grow tax free and may be used at any age to pay for qualified medical expenses. However, after age 65, tax favored contributions to your Health Savings Account can no longer be made.

Yes, if you are covered by an employer sponsored group health insurance plan, you are most likely offered a FSA (Flexible Spending Account). Under a FSA, you select how much you want to save through payroll deductions on a pre-tax basis to pay for yearly medical expenses. You must accurately project what your out of pocket expenses will be for that year. Any amount not used up by the end of year does not roll over to the next year and is therefore lost.

Dental Insurance Services........

individual and Family Health is given for the employees