You can keep your health savings account (HSA), & your HSA-qualified medical insurance with the new health care reform laws. Existing designs will be "grandfathered" in, so you can keep existing coverage for as long as the insurance company continues to sell it.
If you have put off researching the benefits of HSA designs, now is the time to do so. Why now? Designs may alter as portions of the new laws take effect, & insurance firms adjust the designs they sell. Find the best plan to fit your needs now, & compare that to new designs as they become available. That way you'll be guaranteed the best coverage for your situation among the existing designs, & the designs to come.
High-Deductible Health Insurance Designs
The high-deductible medical insurance designs that are qualified to be combined with health savings accounts offers lower premiums. Since the choice of these designs could be reduced in the future, shop now to lock in lower premiums.
Beginning in 2014, you will no longer be able to have a plan with a $20,000 deductible. However, in the event you already have a high-deductible plan, it is possible for you to to keep it as long as it is on the market. Several insurance firms offer two- & three-year rate guarantees, including Assurant, Golden Rule, & World.
Health Care Reform Changes This Year
Here are a number of the changes, & the way you can maximize your benefits & minimize your costs.
On September 23rd, the first phase of the law will bring some welcome benefits. The lifetime limits in policies will finish so policies will be more valuable. Those limits now are usually from $1 to $5 million.
In addition, children with preexisting conditions will no longer be denied coverage. Coverage will also increase for young adults because they are going to be able to get coverage through their parents' policies until the children reach age 27.
As a HSA owner, you may stay healthy by focusing on preventive services, & with the new law, preventive services will be covered 100 percent. That means no co-pay or deductible.
Also in 2010, HSA reimbursements will be expanded to domestic & same-sex partners. This means that someone with funds in a HSA could use those money to pay for a partner's medical, or dental expenses tax-free.
Health Care Reform Changes For The Future
In 2011, over-the-counter medicines will no longer be qualified expenses from your HSA unless a doctor states they are medically necessary. The penalty for withdrawals from your HSA for non-medical expenses will also increase from 10 percent to 20 percent.
In 2014, people without maximum medical insurance coverage who are not eligible for subsidized help will face a penalty of $95, or 1 percent of their income. That may make health savings accounts with their lower-premium, high-deductible designs even more popular.
If you are under age 30, lower-cost catastrophic designs that cover only four primary care visits until the deductible is reached will be acceptable.
If you are over age 30, you'll need insurance that covers at least 60 percent of the actuarial value of the benefits offered, or the average medical expenses incurred by a typical person in a year.
With underwriting eliminated, in the event you have preexisting conditions, you will qualify for coverage. There will be a maximum 90-day waiting period before a brand spanking new owner holder can be covered.
HSA Tax Deductions Become Increasingly Important
Individuals with annual incomes that exceed $200,000, & couples with combined incomes that exceed $250,000 will pay an additional 0.9 percent in Medicare payroll tax beginning in 2013. There will even be an additional 3.8 percent Medicare tax on investment income.
When people are necessary to maintain maximum medical insurance coverage, HSA designs will continue to be the best value for most consumers. See what the lower premiums, & tax deductions can mean for your bottom line.
If you have put off researching the benefits of HSA designs, now is the time to do so. Why now? Designs may alter as portions of the new laws take effect, & insurance firms adjust the designs they sell. Find the best plan to fit your needs now, & compare that to new designs as they become available. That way you'll be guaranteed the best coverage for your situation among the existing designs, & the designs to come.
High-Deductible Health Insurance Designs
The high-deductible medical insurance designs that are qualified to be combined with health savings accounts offers lower premiums. Since the choice of these designs could be reduced in the future, shop now to lock in lower premiums.
Beginning in 2014, you will no longer be able to have a plan with a $20,000 deductible. However, in the event you already have a high-deductible plan, it is possible for you to to keep it as long as it is on the market. Several insurance firms offer two- & three-year rate guarantees, including Assurant, Golden Rule, & World.
Health Care Reform Changes This Year
Here are a number of the changes, & the way you can maximize your benefits & minimize your costs.
On September 23rd, the first phase of the law will bring some welcome benefits. The lifetime limits in policies will finish so policies will be more valuable. Those limits now are usually from $1 to $5 million.
In addition, children with preexisting conditions will no longer be denied coverage. Coverage will also increase for young adults because they are going to be able to get coverage through their parents' policies until the children reach age 27.
As a HSA owner, you may stay healthy by focusing on preventive services, & with the new law, preventive services will be covered 100 percent. That means no co-pay or deductible.
Also in 2010, HSA reimbursements will be expanded to domestic & same-sex partners. This means that someone with funds in a HSA could use those money to pay for a partner's medical, or dental expenses tax-free.
Health Care Reform Changes For The Future
In 2011, over-the-counter medicines will no longer be qualified expenses from your HSA unless a doctor states they are medically necessary. The penalty for withdrawals from your HSA for non-medical expenses will also increase from 10 percent to 20 percent.
In 2014, people without maximum medical insurance coverage who are not eligible for subsidized help will face a penalty of $95, or 1 percent of their income. That may make health savings accounts with their lower-premium, high-deductible designs even more popular.
If you are under age 30, lower-cost catastrophic designs that cover only four primary care visits until the deductible is reached will be acceptable.
If you are over age 30, you'll need insurance that covers at least 60 percent of the actuarial value of the benefits offered, or the average medical expenses incurred by a typical person in a year.
With underwriting eliminated, in the event you have preexisting conditions, you will qualify for coverage. There will be a maximum 90-day waiting period before a brand spanking new owner holder can be covered.
HSA Tax Deductions Become Increasingly Important
Individuals with annual incomes that exceed $200,000, & couples with combined incomes that exceed $250,000 will pay an additional 0.9 percent in Medicare payroll tax beginning in 2013. There will even be an additional 3.8 percent Medicare tax on investment income.
When people are necessary to maintain maximum medical insurance coverage, HSA designs will continue to be the best value for most consumers. See what the lower premiums, & tax deductions can mean for your bottom line.
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