There are plenty of advantages to a Health Savings Account. Funds rollover each year, there’s no “use it or lose it (unlike a flexible spending account, FSA) and the account is FDIC insured. But the biggest advantage is the tax savings.
One of the most attractive features of HSAs is their preferred tax status. Every dime you contribute into the account is tax deductible up to $3,100 per year for an individual or $6,250 for families. This tax deduction is available even if you do not itemize your deductions on your federal return. As long as the money is spent on medical-related items, you never pay income tax on the money that you contribute or the interest it earns. Unlike a flexible spending account, you are not required to spend the money within a certain timeframe, but can let the money grow year after year.
Read more and watch a video about HSAs at my blog;
Contact us at (866) 577-3620 for more free information or visit http://www.myhealthquoter.com/index.html
Mr. Byrne is also co-founder and CMO of Spiralight Group & MyHealthQuoter.com and has developed proprietary systems and processes that leverage innovation to deliver cost savings to his clients.
Mr. Byrne holds a Bachelor of Arts from Boston University and holds a life and health insurance license.
View our episode called Secret Sauce, which explains those difficult insurance terms like deductible and coinsurance, http://www.blogtalkradio.com/myhealth/2011/12/05/secret-sauce
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