1. Health Care Savings Account Lauren Pandora

2. What is a Heath Care Account? A HSA is an account set up by a bank to help pay for health and medical expenses. Who can open one? You must be enrolled in an HAS (Health Savings Accounts) -compatible health plan – it must be a high deductible health care plan with a deductible of at least $1200 per individuals and $2400 per family. You also cannot be enrolled in Medicare, be a dependent on another person’s tax return, or have received VA medical benefits at any time over the past three months

3. What expenses are covered? Abortion Acupuncture Alcoholism treatment Ambulance Artificial limbs Asthma treatments/nebulizer Blood pressure monitoring devices Body scans (e.g., MRI, CAT Scan) Brace (e.g., knee, back, wrist) Braille books/magazines (excess cost) Chiropractic treatments (e.g., adjustments) Circumcision Coinsurance amounts (health, dental or vision) Contact lenses (corrective) Contraceptives (e.g., birth control pills, condoms, Norplant) Convalescent home (for medical treatment only) Copayments (health, dental or vision) C-PAP machine and supplies Organ transplant (including donor’s expenses) Orthodontics Oxygen and oxygen equipment Patient responsibilities under the medical, dental or vision plan solely because of the plan’s deductible, copay (coinsurance), reasonable and customary charge limit or benefit limit Patterning exercises Physical exams (routine, medical, well-child) Physical therapy Prenatal/postnatal exams Prescription drugs (special rules apply, e.g., prescription drugs obtained from out of country are not covered) Preventive care screenings (e.g., mammogram, colonoscopy) AND MANY MORE…

4. How many people have HSA? More then 10 million people have enrolled in HSA as of June 2010. The number of people who have it has increased 25% since 2009. http://www.ncsl.org/default.aspx?tabid=14462

5. Why open a HSA? You can pay for medical expenses tax free as long as the money is used to eligible medical expenses as defined by the plan. You collect interest on your account

6. Deductible? Deductible: is the amount of money which the insured party must pay before the insurance company's own coverage plan begins to pay

7. Premium The monthly amount that you must pay in order to have the health plan.

8. Co-Pay A co-pay is the amount you have to pay for medical expenses at the time of the service.

9. The maximum that a health care plan can cover for any medical expenses varies when it comes to a single person, family, and a person's age. For a single person under the age of 55, the maximum is $3,050. For a person 55+, the maximum is $4,050. For a family, the maximum is $6,150. http://www.hsacenter.com/2010limits.html http://www.hsabenefitsconsulting.com/how-much-you-can-put-in-your-hsa/ Maximums in Health Care

10. What you get back… Any money contributed to an HSA is tax deductible on your annual income tax filing. As long as your HSA money is used to pay for eligible medical expenses, you’ll never be charged income tax on that money. This tax benefit can save you between 25% and 40% on every dollar you contribute.

11. How much can you put in a year? For and individual you can put up to $2850 For a family you can put up to $5650 If you are over the age of 55 you can put up to $2900 and $5800

12. Where to get a HAS… Many banks offer them… Chase bank US bank State Farm

13. The New health care bill It will ensure that all Americans have access to affordable health care It will improve Medicare by helping seniors and people with disabilities afford their prescriptions Will allow for young adults to remain on their parents plan till they are 26

14. This makes it so that everyone has an equal chance to have affordable health insurance and they don’t have to worry about if they are covered or not, and if they can afford the out of pocket expense for health care. The New health care bill

15. How To Determine if an Health Savings Account is Right For You Read the Information on the following Website: http://www.ehow.com/how_2098643_ open-health-savings-account.html

16. What changes are coming? Not all people have to pay taxes on their health care, but some will have to. Those people in include people with high-value group (family) plans. They will have to pay a 40% excise tax, starting in 2018. Also, this could be passed onto employees covered by this kind of policy by lowering their ages or benefits and/or raising their premiums. Also, starting in 2013, families making more than $250,000 will end up paying more in Medicare Payroll taxes compared to others. http://www.nytimes.com/interactive/2010/03/21/us/health- care-reform.htmlhttp://www.nytimes.com/interactive/2010/03/21/us/health- care-reform.html

17. QUESTIONS What is a HSA? A HAS (Health Savings Account) is an account set up by a bank to help pay for health and medical expenses, but the person must have a high-deductible health insurance in order to qualify for a HSA. List two good things about an HSA. You can pay for medical expenses tax free. You can start saving for retirement.

18. MORE QUESTIONS TRUE OR FALSE The new health care bill states that you can’t stay on your parents health care past 18 FALSE!

19. Bibliography http://www.standupforhealthcare.org/learn-more/quick- facts/12-reasons-to-support-health- care?gclid=CPz06uSNo6YCFRVx5Qod5029pQ https://www.firstambank.com/PersonalBanking/Banking/ HealthSavings/HSAAcctApp?r=GOOGLE&gclid=CJnYvu aOo6YCFVln5QodsB1Rnw http://www.goldenrule.com/health/health- savings.shtml https://ustreas.gov/offices/public-affairs/hsa http://www.irs.gov/publications/p969/ar02.html#en_US _2010_publink1000204020