California Health Savings Accounts (HSA)

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1. Taxes:
   Contributions made by your employer are not considered income and thus, non-taxable at the federal level.  Earnings on the money in your HSA are not included in your income and thus, your interest or other earnings on the assets are non-taxable.   When you use your HSA for qualified health care expenses, the withdrawals are free from federal government obligation. Please consult your tax professional for details.
   
   
2. Affordability of a California Health Savings Account (HSA):
   A HSA allows you to pay for qualified medical expenses with federal tax-free money.  You pay less each month for your high-deductible health insurance but a majority of your health care expenses are still covered by the HSA qualified program.  (Read your policy carefully or ask us for details)
   
   
3. Flexibility and Control:
   There is a wide range of medical expenditures that can be paid with your California HSA.  The contributions you make stay in your account each year.  There is no “use it or lose it!”  At any point in time, you can do a one-time roll-over of your health savings account into a traditional IRA.  When you do this the balance of the account can be used for retirement.
   

1. Have a high deductible HSA qualified health plan (HDHP).
2. Have no other health coverage except those that are permitted
3. Not be enrolled in Medicare
4. Not be claimed as a dependent
   

At HealthInsuranceShopper.com we can help you determine if a high deductible health plan is the right fit for you or your business.  Once we determine one of these plans is right for you, we can help you set up a California HSA.

Contributions to a California group health insurance HSA plan may be made by an employer, an employee or a combination of the two. Contributions to an individual HSA can be made by the owner, family members or any other person. 

Maximum HSA contributions are:

2007:     California Individual HSA Health Savings Account $2,850 annual contribution
             California Family HSA Health Savings Account $5,650 annual contribution

2008:     California Individual HSA Health Savings Account $2,900 annual contribution
             California Family HSA Health Savings Account $5,800 annual contribution

2009:     California Individual HSA Health Savings Account $3,000 annual contribution
             California Family HSA Health Savings Account $5,950 annual contribution

New HSA Information 2009:

1. Contributions to your California Health Savings Account HSA are no longer limited to your annual health insurance plan deductible.
2. If you are eligible for a California Health Savings Account during the last month of the tax year, you are eligible for the entire tax year.  This enables you to contribute to your California HSA the full amount possible for each year.
3. From your gross income you can exclude qualified California Health Savings Accounts funding distribution from your individual retirement account.
4. Employers do not have to consider a highly compensated employee in determining who is a comparable participating employee when selecting the HSA.
   

A high deductible California health insurance plan and a Health Savings Account could be the best, most affordable way for you to obtain California health insurance coverage as an individual, family or small group.  For more information or to answer any questions you may have, give us a call at 1-888-485-5747 or click the link below to view instant quotes. 

Free Instant quote: California Health Savings Account Qualified Plans 

IMPORTANT: After you enter your information on the quote page, please select "HSA Plans" to view all California HSA health insurance programs.