Health Savings Accounts - Minnesota
Health Savings Accounts (HSA's)
were created by the Medicare bill signed by President Bush on December 8, 2003
and are designed to help individuals save for future qualified medical and
retiree health expenses on a tax-free basis.
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By
law, HSAs are available to members who enroll in an HDHP,
are not Medicare enrolled, are not covered by another health
plan, or are not claimed as a dependent on someone else's
Federal tax return. The health plan credits a portion of the
health plan premium to the HSA. The credited amount is
different for a Self Only enrollment than for a Self and
Family enrollment. You have the option to make additional
tax-free contributions to your account, so long as total
contributions do not exceed the limits established by law.
Starting in 2007, Federal employees who are enrolled in
HDHPs became eligible to make pre-tax allotments to their
HSAs through The Federal Flexible Benefits Plan (FEDFLEX).
By January 1, 2008, all eligible employees will be able to
make these allotments to their HSAs. OPM has worked with
payroll providers and employee self service systems to
provide this service. Please
select this link for more information. The funds in your
HSA can be used to pay for your plan deductible and/or
qualified medical expenses that do not count towards your
deductible.. Mrhealthinsurance.net is licensed to offer High Deductible Health Plans in Minnesota by Assurant Health Time Health, Blue Cross Blue Shield of Minnesota, HealthPartners and Medica. For a free no cost no obligation quote contact Mrhealthinsurance.net at 612-991-3546 or toll free 1-977-800-7340.
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