The tax deadline and open enrollment for health insurance are both right around the corner. Saving on taxes and healthcare is important to everyone, however, millions of Americans still don't understand health savings accounts (HSAs) and how to use them to save on taxes and to better control healthcare spending. The award winning resource www.hsacenter.com is an excellent place to start to find straightforward information on HSAs, how they work and the triple tax advantage they offer. Using the interactive tools on the website, users can estimate potential savings before deciding if an HSA might be the best choice for their budget and healthcare needs.
The Affordable Care Act did change a few aspects of HSAs, however, their triple-tax advantages remain. Money deposited into an HSA is tax deductible, interest on these savings still grows tax deferred, and funds withdrawn for qualified medical expenses are still tax free. Money left in the account at the end of the year rolls over to the next year, accumulating over time for use when needed, even for retirement health care costs.
You can find newly enhanced resources within the pages at www.HSAcenter.com enabling consumers to learn how they can save both in the short term and long term before deciding if an HSA is the best choice for them. These updates include:
*HSA basics, including an extensive list of frequently asked questions
*Three interactive calculators to estimate health insurance savings, tax savings and future value
*Updated videos and examples of how families are using their HSAs to save
*Information on 2013 and 2014 deductibles, contribution limits and out-of-pocket maximums
*Qualified medical expenses and other resources
If you already have an active HSA, you can also consider maximizing your contribution before the April 15 deadline to take advantage of their tax and savings benefits. For the 2013 tax year, HSA contributions are tax deductible up to $3,250 for individuals and $6,450 for families. HSA holders 55 years and older can contribute and deduct an additional $1,000! Many individual states also allow deductions from state taxes for HSA contributions.
HSA Center was created as an online education site for consumers by Golden Rule Insurance Company and UnitedHealthcare Life Insurance Company. For more information, visit www.HSAcenter.com. For additional information about UnitedHealthOne HSA health plans, call 800-444-8990.