HSA Examples
Affordable Health Insurance Quotes from Health Insurance Plus
Health Savings Accounts in conjunction with a High Deductible Health Plan or simply,
"HSA's" are plans that offer tax savings and investment options with Health Insurance
products.
Below are some examples of how Health Savings Account plans are designed to work
HSA Plan Example:
Suppose for this example we take a family of four consisting of two parents ages
of 46 and 41 with two dependent children. Lets suppose that this family has a PPO
Health Insurance Plan with a $5,000 deductible, and it costs $300.90 a month for
the premium. They decide to use an HSA account to save money on their taxes, and
cover their annual deductible. $5,000 deductible divide by twelve months averages
out to $416 a month.
Health Savings Account (HSA):
|
$5,000
|
Health Insurance Deductible
|
|
$300
|
Monthly Cost of Insurance
|
|
$416
|
Deductible divided by twelve months
|
|
$716
|
Total Monthly Cost
|
Below describes the tax savings benefits this plan allows the family. We will use
a 28% tax bracket for this illustration.
|
Tax Deduction for Insurance (Insurance Rate x 100% x 28%)
|
$84.25
|
|
Tax Deduction for Savings Deposit (Savings Deposit x 28%)
|
$120.16
|
|
Total Tax Savings
|
$204.42
|
|
Cost After Tax Savings
|
$525.64
|
But remember, the $429.16 is your money. It is sitting in an interest bearing account
in your name. You never gave it to the insurance company. So subtract that amount
out.
The Net Monthly Cost of Insurance after Taxes $ 96.48
With a Health Savings Deposit of $ 5,150.00 at the end of the year.
This is a general description of how an HSA plan works, give us
a call to discuss the details and your specific situation which may vary. Call 877-758-PLUS
(7587) for information about the new California HSA (Health Savings Accounts)
Plans.
The new HSA (Health Savings Accounts) are tax advantaged health insurance
plans that are available to everyone. You do not have to be self-employed. You can
end up with a tax writeoff that is equal to your insurance premiums.We have HSA
plans for businesses. We can show you how to cut thousands off your group health
insurance bill. Health Savings Accounts - More Info? Call 877-758-PLUS
(7587)
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HSA's.