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Expert Insurance Advisors for Individuals and Groups |
| 1-888-496-7162 or 330-923-0258 | eMail Us Request Health Quote |
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Health Savings Account Frequently Asked Questions WHERE CAN I GET MORE INFORMATION ON THE TAX REGULATIONS ASSOCIATED WITH THE MSA? You can find more information at the IRS website at these addresses: Frequently Asked Questions on HSAs HOW DO I SET UP AN HSA? A knowledgeable Health Insurance agent can help you set up both your medical plan and your savings plan. See How to set up a Health Savings Account for more details on the actual process.. If you work for a small employer, talk to your employer or benefit manager. Unless they offer a qualified high deductible health plan, you will not be able to establish a tax-favored HSA. If you are self-employed, contact a qualified health insurance agent. WHAT HAPPENS WHEN EMPLOYEES RETIRE OR TERMINATE? The HSA belongs to you. Regardless who funds the account, it is your money. You can continue to pay qualified medical expenses with the money until it is depleted. Once you turn age 65, you can spend the money on anything you want to. WHO FUNDS THE HSA? Either the employee or the employer funds the HSA up to the plan deductible limits and IRS guidelines. CAN I USE THE HSA MONEY TO PAY MY PREMIUMS? You can only use the money to pay qualified medical and dental expenses. The exception is for those who are unemployed or who are on COBRA. You an also pay the premium on a Long Term Care policy. See IRS Publication 502 - Medical & Dental Expenses for a list of all the items that are deductible
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Expert Insurance Solutions 1730 Akron, Peninsula Rd., Suite 4 Akron, OH 44313 330.923.0258 * 888.496.7162 Expert Insurance Solutions provides this web site for informational purposes only. For a personal health care proposal, please contact us at Info@eeis.biz. |