There are ways of saving and shoring in your money today beyond having a savings account in the bank for yourself. To ensure you cover for any future health expenses with an allocated annual contribution and either growing it in interest or benefit from its tax-free benefit, you may want to consider a Health Savings Account.
Here at Mountain West IRA, we take care of any and every possible means to provide you a better chance of a stress-free retirement lifestyle. And we cover plans such as the traditional Individual Retirement Account, the Roth IRA, the Simplified Employee Pension (SEP), the Simple IRA, the Individual (k) Plan and the Health Savings Account.
A Florida Health Savings Account actually allows you to save up through a reduced taxable income with your 100% tax-free contributions. That’s tax-free when used in a medical expense. The money left in the account is tax-differed. This arrangement is in exchange for a high deductible plan, locking in a manageable amount as your contribution but paying more when you use the insurance for health needs.
The process of opening such an account starts by funding it through Transfer, Rollover or Annual Contribution and taking care of the $50 account establishment fee.
The Florida Health Savings Account is covered under a qualified high deductible health insurance plan (HDHP). It is not covered by other health insurance, Medicare nor anyone else’s dependent.
The contribution limit per year is $3,500 for single and $7,000 for a family with a minimum deductible of $1,350 for single and $2,700 for family. The maximum yearly out-of-pocket is $6,750 for single and $13,500 for family. Those 55 years and older may do a catch-up contribution at $1,000 for both single and family.
For more information, give us a call or visit us on our website.