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We have divided the presentation into 3 parts. We will begin by talking about High Deductible Health Plan (Part 1). These are plans intended to cover serious illness or injury.
We will move on to the role of health savings accounts (Part 2A), and health reimbursement arrangements (Part 2B).
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Part 2A: Health Savings Account -- Dollars for healthcare expenses."
Insurance + Tax-Advantaged Savings Vehicle = HDHP/HSA
Plan $$ + member's own contribution $$ + earned interest = HSA
Basically, this is how HSAs work.The health plan deposits a 'premium pass through' and you can make voluntary contributions. There is no tax on the 'premium pass through.'Your voluntary contributions are recorded on your tax form (such as a 1040) as a tax deduction (applies with either itemized or standard deduction). These two contributions can earn tax-free interest. You can use this money for qualified medical expenses.
The money can also be used for non-medical expenses but you have to pay regular tax and a 10% tax penalty if you are younger than 65.
Catch-Up Contribution to HSA
In addition to the maximum contribution, (the plan's annual deductible) individuals between the ages of 55 and 65, can make "catch-up" contributions to the HSA each year.
In 2015, and subsequent years, an additional $1,000 contribution is allowed.
The maximum allowable contribution is determined by the HDHP's effective date.
If your HDHP was effective January 1st, the total amount you can contribute to your account is the maximum contribution amount set by the IRS.
Will an HCFSA and/or a DCFSA affect the member's eligibility to an HSA or HRA?
This is how an HRA works. The health plan makes credits to the HRA. These credits are not taxable. You can make tax-free distributions from your HRA for qualified medical expenses.
Let's take a look at how the entire process works for HSAs and HRAs.
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