Preheader
Postheader
 
Business Quote Homeowners Quote Automobile Quote Life & Health Quote

If you have, or are thinking about opening, a health savings account in 2012, there are a few changes you should know about. Many of these changes became effective in 2011, but all of them will affect you going into 2012.

  • The minimum required deductibles have increased: One can only open an HSA if their health insurance policy meets certain guidelines. This year, the minimum deductible to qualify is $1,200 for an individual and $2,400 for a family. If your deductible is lower than those amounts, then you may not be permitted to open the HSA.
  • Out-of-pocket maximums for 2012 have increased: In order to qualify for an HSA, your out-of-pocket maximum cannot exceed $6,050 for an individual and $12,100 for a family.
  • For 2012, contribution limits have increased: In 2012, an individual may contribute $3,100 while a family can contribute $6,250. The catch up contribution for individuals over age 55 is $1,000. Contributions can be made until April 15th for the prior year.
  • Penalties are going up: If you use your HSA funds for nonqualified expenses, you will be subject to a tax penalty of 20 percent. Only those 65 and over are exempt.
  • Allowable over-the-counter expenses are changing: You may once have been permitted to purchase nonprescription, over-the-counter drugs and supplements such as aspirin, vitamins and cold medicines on your HSA account, but now that is not permitted. Insulin, first aid supplies and adult diapers are still allowed.

While it’s a good idea to maximize the tax savings and tax-exempt growth opportunities afforded by an HSA, it’s also important that you pay close attention to what is and isn’t permitted in terms of contributions and expenses, because having an HSA and using it improperly will cost you more in penalties than you will save. If you have questions about your HSA or your high deductible Dallas health insurance plan, give us a call at All About Insurance—we’re always happy to help!

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
Quick Links Our Latest Blog Featured Service
Make a Payment
Employee Directory
Our Reviews
Mechanical Inspection
Featured Service
Need help assessing your vehicle's repairs? Let us evaluate it for you.
read more... learn more...
Home|Locations|Get a Quote|Employees|Make a Payment|File a Claim|Testimonials|About|Contact
Mid-Cities Location
7716 Glenview Dr.
Richland Hills, TX 76180
Phone: (817) 589-0006
Fort Worth Location
5840 Jacksboro Hwy
Fort Worth, TX 76114
Phone: (817) 626-3339
Mansfield/Arlington Location
1209 N Highway 157
Mansfield, TX 76063
Phone: (817) 453-5524
Serving the Dallas-Fort Worth area in Texas.
© Copyright 2017. All rights reserved. Powered by Insurance Website Builder
Social Networking Follow us on Google+ Blog RSS Feed Follow on Twitter Connect on LinkedIn Like us on Facebook