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 Welcome to HSAconsumer.com !   Who will benefit from this website?

Health Savings Account (HSA) Owners: Individuals & families who currently own, or are about to own, an eligible High Deductible Health Plan (HDHP) with an insurance company combined with a (HSA) Health Savings Account opened at a financial institution. You may own both through your employer plan or you may have bought both by yourself in the private market. If this describes you, then the free HSA information and links provided throughout this website will provide you with the HSA tools and advice necessary to become a better “HSA Consumer” of healthcare and financial services products today, and the financial strategies to become a better “HSA Saver” for tomorrow.
HSA Partners: are industry professionals who “touch” an HSA in some way. You either create HSA’s, distribute HSA’s, or give financial advice on HSA’s. Some examples include human resource managers, plan sponsors, insurance agents/agencies, benefit consultants, TPA’s, tax professionals and financial advisers just to name a few. Leverage this website to educate and service your HSA clients.
Flexible Spending Account (FSA) Owners: Flexible Savings Account owners should only use the Consumer/Spending section of this website. FSA’s do NOT allow funds to roll over each year like an HSA does. FSA’s are a “use it lose it” proposition.
Medicare MSA’s: This website applies to you too!

Next steps: visit our HSA Education page, HSA Consumer page, or our HSA Saver page.

 

 


 

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HSA Consumers

This HSA Consumer section of the website will teach you how to SPEND your money tax free on HSA eligible medical, dental,and vision expenses.  We’re here to help you become a better health care consumer and stretch those tax free HSA dollars. We help you search for the lowest cost products and quality customer service in many different health care industries. Whether you’re funding your own Health Savings Account or your employer is depositing funds for you; it pays to be thrifty when spending your money since the money leftover in the account is yours to keep forever.

HSAconsumer.com (“The HSA Portal for HSA Owners”) brings everything together to provide a better HSA user experience whether your shopping for a prescription, a lab test, or the best HSA bank account. The numerous vendors listed throughout this website are eagerly awaiting to compete for your business, based on price and quality.

BEFORE you spend any HSA money with your HSA debit card or HSA checkbook, please be sure that the expense is included in the lengthy IRS approved list of tax-free medical, dental, and vision expenses that can be found in IRS Publication 502 and 969 on our IRS/Treasury page.  To see a quick “at a glance” list of approved or disapproved expenses, see our Eligible HSA Expenses page

Once you’ve verified it’s an eligible expense, visit your particular page of interest listed here to comparison shop for medical services and products:

*Any premiums you may pay for a discount plan or joining a membership are NOT an HSA eligible expense.  Only certain Medicare premiums and long term care insurance premiums up to an aged based maximum are eligible.

Health Reform “heads up”: Due to the new health reform law, starting on January 1, 2011, “over the counter” (OTC) medications are NOT an HSA or FSA eligible expense, unless it is prescribed by a licensed physician.
Health Reform “heads up”: The penalty for spending your money on NON eligible medical, dental or vision expenses went up from 10% to 20% as of January 1, 2011.

TIP: Only expenses AFTER you set up your HSA Health Savings Account are eligible

TIP: Remember to keep all receipts for at least 5-7 yrs as proof of an eligible expense to show the IRS or to put towards your health plan deductible.

CAUTION: Most wellness products from our wellness products store are NOT an eligible tax free Health Savings Account distribution. In order for tax free treatment, it must be prescribed by a doctor for medically necessary conditions before being considered as HSA eligible.

 

HSA Consumer does NOT provide any medical advice, please consult with your personal physician on your specific situation.

 

 

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HSA Savers

How do I save money in my Health Savings Account (HSA)?

This HSA Saver section assists consumers with the financial aspects of the Health Savings Accounts. Remember, when you own a Health Savings Account (HSA), you own two components:

  1. HDHP: A qualified high deductible health insurance plan (HDHP) from an insurance company (required / pre-requisite).
  2. HSA: A tax qualified HSA Health Savings Account at any approved financial custodian (not required).

HSAconsumer.com focuses on the HSA Health Savings Account. We teach you how to SAVE smarter with tax deductible contributions into your HSA, and show you how to GROW your Health Savings Account balance by leveraging the advantages of tax deferred growth.

Essentially, there are two types of HSA owners:

1. HSA SPENDERS: HSA owners that need to spend their Health Savings Account money each year due to health reasons or financial limitations. Choosing the right bank and keeping an eye on monthly fees are important to these savers.

2. HSA SAVERS:  HSA owners that don’t spend their money due to their fortunate good health or financial position. Choosing the right investment and tax strategy is important to these savers.

Utilize the following sections of the website for a more detailed HSA education on:

INFO: Health Savings Account money can be treated like IRA distributions for tax purposes after age 65. Meaning, for NON eligible expenses, you will have to pay income taxes on the withdrawal, but you avoid the 20% penalty. So, save as much as you can, you will use it at some point over your lifetime.

TIP: Be sure to open a health savings account AFTER your insurance plan becomes effective, and BEFORE any eligible medical expenses occur. Only expenses after the account has been established are eligible for tax free treatment.
TIP: You are allowed to reimburse yourself tax free at the end of the year, or anytime in the future, for any receipts you may have collected for eligible medical/dental expenses.
TIP: Keep all receipts for insurance company purposes to put towards your deductible, and for purposes of the IRS in case you are audited.
WARNING: If you spend your money on NON-medical, dental or vision expenses, you will have income taxes due, regardless of your age, and pay a 20% penalty if you are under age 65. (The penalty increased in 2011 from 10% due to the new health reform law)

 

HSA Consumer is NOT a Tax or Investment Adviser, please consult with your CPA, Financial Adviser or Insurance Agent on your specific situation.


 

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HSA Education

The HSA Education section of this website is dedicated to ramp up the learning curve for HSA owners. Tens of thousands are becoming new owners of Health Savings Accounts every year, and through no fault of their own, most do not know how to use them correctly.

HSAowners have fallen through the cracks.  Whether it’s restrictions on employer guidance, limited human resources staff, agents hands’ being tied, or insurance company limitations; the industry has dropped the ball with regards to ongoing HSA education on how to actually use the savings account component of a Health Savings Account.

It comes down to the 2 fundamental basics of a Health Savings Account:

  1. How to SAVE money INTO your HSA the best way possible
  2. How to SPEND money FROM your HSA the best way possible

That’s where HSAconsumer.com picks up the pieces, and completes the HSA puzzle. What most HSA owners fail to realize is that the Health Savings Account is the most powerful savings vehicle ever created!! It’s the “tax-trifecta” of savings accounts…….tax deductible contributions, tax deferred growth, and tax free distributions. Leverage it! If you accept the fact that everyone incurs medical and dental expenses at some points in their lives; an HSA account allows you to save up for those now or later expenses in the most tax friendly way possible.

So, if you’re ready to learn, first read the overview in the HSA Consumers and HSA Savers pages of the website. Then dig into the details, laws and opinions via the following HSA education links:

Educated HSA owners are happy HSA owners and crucial for any successful HSA transition. Together, we can make a difference in the success of HSA’s and help consumers take back control of their health care dollars.  Join us in our efforts and help us get the word out….tell your boss, fellow employees, family, friends and your agent that HSAconsumer.com is the best “HSA portal for HSA owners”.

For suggestions on how to make the website a better user experience, please contact us.

 

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