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Health Savings Accounts (HSAs)New Items2010 HSA Amounts/LimitsSummary of HSA Guidance Put Forth by the Treasury Department provided by Groom Law Group CDHC Certification Program HIPAA Estimated Income Characteristics of HSA Accountholders in 2008 HIPAA 2009 Census Evaluation of People Covered by HSA/High-Deductible Health Plans HIPAA Press Release Evaluating HSA Enrollment At Issue:Health Savings Accounts are tax-advantaged personal savings accounts used in conjunction with a qualified high-deductible health plan (HDHPs) to help pay for unreimbursed medical expenses. Contributions to HSAs may be received from employers, individuals or any combination of both. Employer contributions are excludable from income and individual contributions are deductible, regardless of whether or not a taxpayer itemizes deductions. Annual contributions are limited to a statuary level and out-of-pocket maximums are limited, but individuals age 55 and over with accounts can make additional contributions. HSAs are portable and funds carry over to subsequent years. Estimated Income Characteristics of HSA Accountholders in 2008 AHIP collected de-identified data from five banks representing over 1 million accounts. This information has been matched to 2000 Census Tract information to allow an analysis of the income of accountholders. Based on the data, almost half (49%) of accountholders are in neighborhoods with 1999 median incomes under $50,000.NAHU Chart Comparing Tax Advantaged Health Care Accounts Congressional Research Service Report for Congress on Tax-Advantage Accounts for Health Care Expenses: Side-by-Side Comparison Key components:Contributions to HSAs can be received from the following sources:
Contributions may be made by any combination of employer and individual. Employer contributions are excludable from income and individual contributions are deductible "above the line." That is, a taxpayer does not have to itemize deductions in order to take the contribution as a deduction. Employers may offer HSAs as part of a section 125(d) cafeteria plan. Tax Treatment:
Qualified medical expenses include:
NAHU's PositionNAHU believes that HSAs are an excellent way for individuals to save for future health expenses, for employers to offer lower-cost coverage to their employees, and to improve access to affordable coverage for the uninsured. Of the 8 million Americans who have enrolled in such plans since they became available in 2004, more than 30 percent were previously uninsured. NAHU applauds the changes passed into law with The Tax Relief and Health Care Act of 2006 (P.L. 109-432). These new HSA changes effective in 2007 afford more opportunities for individuals, families and employers to participate in these popular and effective consumer-drive health care vehicle. They will make HSAs more flexible and make it easier for participants to put money aside for their personal health care. NAHU also supports efforts to broaden further HSA affordability and appeal. HSAs allow people to save money for health care in a tax free manner, and to take their health savings accounts with them if they move from job to job. Initiatives like Senator Ensign’s S. 46 in the 110th Congress are welcome steps in the right direction. This bill would allow people in the individual market to purchase health insurance using funds from their HSA, thereby giving them the same tax advantage as those in the group market.NAHU ResourcesNAHU CHART on the 2007 HSA changes AHIP Comparison of Health Care Spending Accounts Health Savings Accounts Myths and Realities HealthDecisions.org - Official Health Savings Account Portal U.S. Treasury Department ResourcesFinal regulations providing guidance on employer comparable contributions to Health Savings Accounts (HSAs) under section 4980G. Notice 2008-52 on Health Savings Accounts by Treasury Department The Treasury Department Website contains information on HSAs and can be accessed at http://www.treas.gov/offices/public-affairs/hsa/. The Treasury Department Website can be accessed in Spanish here. The Internal Revenue Service has issued drafts of model agreements for companies that want to manage health savings accounts. Treasury Department Guidance on HSAs2.15.07
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Health Savings Accounts—Interaction with Other Health Arrangements The Basics of HSAs - U.S. Treasury Department - Powerpoint Presentation
The Honorable John W. Snow HSA Remarks
Treasury Department Fact Sheet on Health Savings Accounts Additional ResourcesOverview on the 2007 HSA changes
AHIP
Health Savings Accounts and Other Tax-Favored Health Plans
Whether Health Savings Accounts
Myth vs. Fact on HSA's
OPM Director James Directs Agency to Review Options for Extending New Benefit to 3.1 Million Members of the Federal Family
Health Savings Accounts - Medicare Reform Reshapes the Landscape for Active Employee Health Coverage Legislative Action Affecting HSAaIn December, 2006, Congress passed and President Bush signed into law The Tax Relief and Health Care Act of 2006 (P.L. 109-432). This legislation extended certain tax provisions, made changes to Medicare and Medicaid, and made a number of changes to improve Health Savings Accounts to make them more accessible. NAHU worked very hard to get these HSA changes made before the end of the 109th Congress. In addition to direct lobbying of members of Congress by both our members and staff lobbyists regarding these issues, NAHU gave written testimony to the US Senate Committee on Finance. and the House Ways and Means Committee last fall. One of our members, Eric Biettel of Pennsylvania, was invited in September to testify before the US Senate Committee on Finance. to urge Congress to make these improvements. The HSA provisions for 2007 raised contribution limits and make the accounts more flexible. The new law let people fund their HSAs with one-time transfers from their Individual Retirement Accounts, and allowed people to contribute up to the annual limit of $2,850 regardless of the deductible for their insurance plan. HSA account holders may now also fully fund their HSAs regardless of what time of year they sign on to a plan. Click here to view more details about the changes to HSAs.NAHU Press Releases About HSAsNAHU Opposes HSA Substantiation(April 9, 2008) NAHU Supports Improvements to HSA Legislation - Statement by NAHU's EVP and CEO Janet Trautwein (September 26, 2006) Treasury Issues Final HSA Guidance for 2004 (July 26, 2004) - National Association of Health Underwriters Press Release Treasury Issues New HSA Guidance Claries Confusion Among HSAs, FSAs and HRAs (May 12, 2004) - National Association of Health Underwriters Press Release HSAs for the Uninsured Act of 2004 Brings Americans One Step Closer to Affordable Health Insurance (March 4, 2004) - National Association of Health Underwriters Press Release NAHU Hosts HSA Training Session for Record Numbers (February 12, 2004) - National Association of Health Underwriters For more information, please contact the Government Relations Department at legislative@nahu.org.
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