No. While many people will benefit from the creation of HSA’s; individual insurance alternatives, situations and personal preferences will determine if it is the right type of coverage. Individuals that HSA’s will benefit most are people that save money on premiums from other insurance alternatives, and that will systematically fund the savings account.
A good starting point is to look at recent years medical spending, and calculate the total dollar amount that would have been spent on premiums and medical expenses under terms of the HSA qualified plan. Compare it to the actual amount spent in the same period for insurance premiums, co-pays and co-insurance.
What is an HSA?
Why an HSA?
Who is eligible for an HSA?
Is an HSA right for everyone?
Do I need a certain type of Insurance Plan?
Do I need a certain type of account?
Employer Benefits of HSA Plans
Employee Benefits of HSA Plans
HSA Tax Treatment
Tax Treatment: Inviduals
Tax Treatment: Employer Contributions
How are Distributions Taxed?
Who May Contribute?
How much may be contributed to an HSA in calendar year 2010?
Tax Treatment of Contributions
What are catch up Contributions?
What are “Qualified Medical Expenses?”
Are health insurance premiums qualified medical expenses?
How are claims adjudicated and processed?
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