PPT-Insider secrets-how an HSA plan can save you taxes & premiums

This presentation is adopted from a presentation made in an advanced tax planning class as part of the curriculum for my Masters in Tax amp Financial Planning at San Diego State University Although it highlights many of the HSA basic concepts it is actually designed to focus on a little known secret behind the HSA planthe ability to bypass the 75 AGI limitation required before most people can ever deduct any of their medical expenses I hope you enjoy. Max Andrews. Background . Born in Kolkata, India. Father died when he was age 16. Mother died at age 18. Attended Modern School in New Delhi. Ranked 15. th. in the nation in the entrance exam for IIT. Nothing in this communication is intended as legal, tax, financial, medical or marital advice. Always consult a professional when making life changing . decisions. It . is the members' responsibility to ensure eligibility requirements as well as if they are eligible for the plan and expenses submitted. . Fall 2014. A . Qualified. High Deductible Health Care Plan (QHDHCP). with a Health Savings Account (H S A). High Deductible Health Plans. [HDHCP] . Basically two types. Regular plan that simply has a higher deductible – usually means a deductible of $1000 or more –Sometimes fully insured plan will use an HRA to help offset a higher deductible. Health savings accounts (HSAs) are individual accounts offered by Optum Bank®, Member FDIC, and are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. Investments are not FDIC-insured, are not guaranteed and may lose value. State taxes may apply. Fees may reduce earnings on account. The information contained in this presentation is not intended as legal, investment, or tax advice. It is supplied for general educational purposes and with the understanding that Optum does not provide legal, investment, or tax advice. Please contact a competent legal, investment, or tax professional for personal advice on eligibility, investing, tax treatment and restrictions. State taxes may apply. Fees may reduce earnings on account. Federal and state laws and regulations are subject to change. . Alan Costelloe.. Senior Inspector SIU. Regulatory Investigation Conference - 20th October 2017. Outline of presentation. Give a flavour of HSA accident investigation . Main activities. Sample scenarios. ). 2. Optum . Bank. ℠, M. ember FDIC. Established in 2003. Subsidiary of Optum – . owned by UnitedHealth Group. Deposits are insured by the FDIC up to $250,000. Focuses solely on health care banking. Health Savings Account (HSA) Funding & Invoicing ____ __ Agenda HSA Funding & Invoicing Invoice for Administrative Fees File and Funding Process Unopened Account Funding (Pending Contributions) Choice Plus Plan with Health Savings Account (HSA) Let’s see how much you know. Click the arrow to start. 2 Welcome! There are many myths about high deductible health plans—like the Choice Plus Town of Medfield. What is a Health Savings Account?. A HSA is a tax-advantaged medical savings account available to employees who are enrolled in a high-deductible health plan (HDHP).. The funds contributed to an account are not subject to federal income tax at the time of deposit. . The balance in your HSA is insured by the Federal Deposit Insurance Corporation FDIC Account Holder Information x0000x0000iiwVViiiV-VVivx0000First NameMILast NameSocial Employee ID and Employer if app 2. Why HSAs?. Easy win in today’s complex health care system:. Save now:. Lower monthly insurance premiums. HSA deposits aren’t taxed. Typically lowers income tax liability. Save for the future:.     ® About The HSA for Life A Health Savings Account (HSA) is a personal savings accou 1-888-472-8697 | theHSAauthority.com Health Savings Account. What is a QHD. High Deductible Health Plan (HDHP). Qualified plan as defined by the IRS. No first dollar benefits, all services are subject to the deductible before the plan will pay. Exception is Routine Preventive Care as defined by the IRS..