HSA for America will offer a webinar on Tuesday, November 5, 2013 to answer questions about the upcoming deadline, and discuss the 5 Key Facts About Obamacare You Must Know Before 2014. If you missed the webinar, you can view it here: http://www.youtube.com/watch?v=86clASvXW4U
Having an HSA-qualified health insurance plan in place by December 1 allows the policyholder to put money in a health savings account. Any money deposited in the account by April 15th 2014 is deductible against 2013 income, and will directly lower the policyholders April 15th tax bill.
Health savings accounts are available to people with qualifying high-deductible health plans. Policyholders can deposit tax-deductible funds in the account, that can be used at a later date to pay for medical expenses.
“Maximizing your contribution to your HSA could reduce your tax bill by over $2000,” explains HSA for America founder Wiley Long.
“In addition to helping your lower your tax bill, enrolling in a 2013 plan by December 1, 2013 allows you to put off enrolling in an Obamacare-approved plan until December 2014, when the enrollment process will be in better shape to handle the demand,” continues Long. “If you’re in good health, you’ll also probably find 2013 premiums to be less than the new 2014 plans.”
Deposits made to an HSA can be up to $3,250 for individuals or $6,450 for families per year. Individuals over 55 may contribute an extra $1,000 per year. Deposits to a 2013 HSA can be made until April 15, 2014 and any deposits into an HSA reduce the modified adjusted gross income, which reduces overall tax liability for 2013 tax returns.
An independent insurance advisor for 25 years, Long recommends the use of tax-favored HSAs for his clients as a best practice for health care expense management. “Your HSA contribution will lower your adjusted gross income, which may even help you qualify for tax credits under Obamacare”, adds Long.
HSA for America co-founder, Fred Adams, will be hosting an informative, free webinar on November 5, 2013 to answer questions about the December 1 deadline, explain the benefits of HSAs, and discuss strategies that people can use in dealing with Affordable Care Act, and how it may affect them. To participate, register here.
About HSA for America
As one of the nation’s leading independent HSA advisories, HSA for America has earned a reputation for providing superior educational resources covering the health care industry for individuals, families and small businesses. With its comprehensive website, the public can evaluate high-deductible health insurance plans that allow them to establish an HSA and comply with the health care reform mandate.
Consumers may access HSA for America’s instant quote engine and obtain online applications, or request individualized assistance from experienced, licensed HSA for America Personal Advisors. Consultations for HSAs and other health insurance concerns are available at no cost to the consumer via telephone at 1-866-749-2039 from 9 a.m. through 11 p.m. Eastern.
Wiley Long is President of HSA for America, and a passionate advocate for consumer-based solutions that will improve price transparency and lower health insurance and medical costs for people purchasing individual and family health insurance plans.