Tax Season Tip: Health Savings Accounts Offer Way to Save on Taxes and
INDIANAPOLIS -- February 21, 2013
For Americans facing increased taxes and rising health care costs, the tax
advantages and cost-effectiveness of a health savings account (HSA) may be
particularly appealing this year.
HSAs pair a tax-advantaged savings account with a qualified high-deductible
health insurance plan, which typically costs less in monthly premiums when
compared to more traditional health insurance. HSA savings are deposited into
a tax-deferred account and can be withdrawn tax-free when used for qualified
medical expenses, which include health insurance deductibles as well as
dental, vision and other types of care often not covered by health insurance.
For 2012 tax purposes, deductible contribution limits are $3,100 for
individuals and $6,250 for families. HSA holders 55 and older can contribute
and deduct an additional $1,000. HSA contributions in 2013 are tax deductible
up to $3,250 for individuals and up to $6,450 for families. Consumers with
HSAs have until April 15 to contribute and maximize their 2012 deductions up
to the legal limit.
“HSAs enable consumers to save on taxes and health costs today while saving
for retirement health care,” said Patrick Carr, president of
UnitedHealthcare’s Golden Rule Insurance Company.
Carr points to a recent study by Fidelity Benefits Consulting which estimates
that a 65-year-old couple who retired in 2012 will need $240,000 just to cover
their medical costs in retirement.
Insurance industry trade group America’s Health Insurance Plans (AHIP)
reported in 2012 that more than 13.5 million Americans with individual or
employer group coverage had an HSA-qualified plan,an increase of 18 percent
To learn more about HSAs, visit www.HSAcenter.com, an interactive online
resource developed by Golden Rule to educate consumers about the advantages
that HSAs offer. Golden Rule’s expertise goes back more than 20 years when the
company introduced the first medical savings account (MSA), predecessor to the
A leading provider of health insurance for individuals and families for more
than 65 years, Golden Rule has been a UnitedHealthcare company since 2003.
UnitedHealthcare’s personal health and dental plans are offered in 42 states
and the District of Columbia, and marketed under the UnitedHealthOne brand.
For more information, consumers can call 1-800-444-8990, visit
www.goldenrule.com or contact a local independent insurance broker who offers
UnitedHealthOne health and dental plans.
Click here to subscribe to Mobile Alerts for UnitedHealth Group.
Golden Rule Insurance Company
Ellen Laden, 317-715-7843
Press spacebar to pause and continue. Press esc to stop.