|
|
|
|
Health Savings Account Eligible individuals are now allowed to deduct contributions to a Health Savings Account. HSA's are accounts that are established to assist with the increasing costs of medical care. Contributions are deductible, Income earned in the account is not taxable and distributions from such accounts for qualified medical expenses are excluded from the taxpayer's income. Health savings accounts require that the taxpayer(s) be covered by a high-deductible health plan. This plans and the deductible contribution are outlined as follows:
The various rules and affects of Heath Savings Accounts are quite extensive. If you are considering establishing an HSA please contact our office for additional assistance.
|