Health - Health Savings Account Changes for 2007

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Health Savings Account rules are continually changing. Upon they’re creation it was known that the accompanying health insurance plan’s allowable deductible amounts would increase by $100 per year. This year there have been some other notable changes including:

• IRA transfers to an HSA account – HSA account owners can now make a one time contribution from funds acquired in an Individual Retirement Account to allow money immediately for medical services.
• FSA and HRA transfers – Employees are now allowed to start an HSA account and make a one time tax-free transfer of Flex-Spending Account or Health Reimbursement Account funds.
• Higher Tax Favored Contributions Allowed - In the years past each person’s contribution amount has been limited to the amount of the annual deductible of their selected health plan. In 2007 a single person can contribute up to $2,850 and a family can contribute up to $5650 each year.

Health Savings Accounts are becoming appealing to more types of people / families. A high deductible health plan along with a tax-favored health savings account can save you and/or your family hundreds each year while providing the quality health insurance you need at an affordable rate.

Many of the nation’s top health insurance carriers now offer Health Savings Account qualified health plans, including:

• Blue Cross Blue Shield
• United Health Care
• Assurant Health
• Aetna
• and many more

In most cases the insurance companies administer their own savings accounts. Although you can also elect to have a non-affiliated health savings account, which may be more convenient if you choose to change insurance companies. Choosing your own HSA administrator may also provide you with more options on your saved funds. Below are a short list of companies which offer Health Savings Accounts:

• Wells Fargo Bank
• HSA Bank of Chicago
• Associated Bank

More banks are offering HSA accounts each year. Please check if your bank has an HSA option.