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The advantages of a HSA plan are two fold

on May 17, 2018
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  You will however, pay the taxes. The savings can go into an interest bearing savings account or even a mutual fund. For a plan with a $5450 deductible the savings can amount to $3340 in taxes. For many HSA plans, the deductible is a family deductible as opposed to an individual deductible for traditional plans. If you use the funds for an unauthorized expense you will pay the taxes plus a 10% penalty. That adds up to 38%.29 in taxes.5% savings for the self employment taxes. That means that for every $100 you spend on any health expense, including the insurance deductible, you first must pay $61.5% and Social Security tax 7.

  . The advantages of a HSA plan are two fold. For the self employed, remember to add another 7. The Savings can be used to pay for traditional medical expenses as well as the insurance deductible, but not the premium except in specific circumstances (see section 213d of the IRS code). To appreciate the tax savings make sure you consider all the taxes involved, including State, Federal and Social Security taxes.Is the HSA plan for you?

  The HSA or Health Savings Account plan is a high deductible plan as defined by the thrust bearing Federal Government. After age 65, when you go on Social Security, you can leave the funds in the account until you use them up or you can take the funds out and avoid the 10% penalty.

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