Health Savings Account for Large and Small Business (2017)
The Health Savings Account replaced Medical Savings Accounts on January 1, 2004. All Americans under the age of 65, regardless of their
employment status, now qualify for an Health Savings Account.
Health Savings Accounts benefit small businesses by creating a health care environment where employers, employees, and medical
professionals all have a stake in keeping costs lower.
Health Savings Accounts are designed to make health insurance more affordable by combining a tax free savings account with a high
deductible health insurance plan. It allows for "before tax contributions" from employers and employees into a savings account that can be
used for medical expenses. The contributions cover first-dollar medical costs until a health insurance plan deductible is met. High deductible
health insurance has lower premiums that are more affordable for employers and employees.
Employers can fund a Health Savings Account with an amount equal to the employees deductible or split the cost with the employee, and the
money can be used to pay health care expenses. If the money is not needed, the money can be invested. Withdrawals can also be made for
non-medical purposes, but will be taxed as normal income and are subject to a 10% penalty if done prior to age 65.
To be eligible for a Health Savings Account, an employee must purchase a health insurance plan with annual deductibles of at least $1,300
for one person. Also, the sum of the annual deductible and the other annual out of pocket expenses required to be paid under the plan
(other than premiums) can not exceed $6,550 for one person in 2017.
Click on the link below to fill out a quote request form for a health savings account that benefits large employers, small business owners, and
their employees. Or speak with our New York Group Health Insurance agent specialist toll free at 1-800-498-1819 to discuss the policy
features in more detail.
Health Savings Account Quote Request Form
"Your Local Westchester County, New York Health Savings Account Specialist!"
We offer reliable, experienced, and affordable New York health savings account services to businesses in the following New York counties and cities: Westchester
County, Putnam County, Orange County, Rockland County, Somers, Port Chester, Harrison, Mamaroneck, Larchmont, New Rochelle, Yonkers, White Plains, Rye
Brook, Scarsdale, Rye, Ardsley, Hartsdale, Bronxville, Mt. Vernon, Mount Vernon, Irvington, Valhalla, Elmsford, Dobbs Ferry, Hastings on Hudson, Greenburgh,
Tarrytown, Sleepy Hollow, Hawthorne, Scarborough, Thornwood, Briarcliff Manor, Ossining, Harmon, Montrose, Crugers, Buchanan, Peekskill, Millwood, Pleasantville,
Armonk, Chappaqua, North Castle, Mt. Kisco, Bedford, Pound Ridge, Bedford Hills, Cross River, South Salem, Yorktown Heights, Goldens Bridge, Amawalk,
Yorktown, Katonah, Salem Center, North Salem, Croton Falls, Jefferson Valley, Shrub Oak, Palisades, Sparkill, Tappan, Orangeburg, Pearl River, West Nyack, New
City, Nanuet, Chestnut Ridge, Montebello, Suffern, Monsey, Spring Valley, Congers, Nyack, Rockland Lake, Wesley Hills, New Hempstead, Pomona, Sloatsburg,
Ramapo, Hilburn, Willow Grove, Mt. Ivy, Thiells, Tomkins Cove, Ladentown, Haverstraw, Stony Point, Tomkins Cove, West Haverstraw, Bear Mountain, Jones Point,
Newburgh, Middletown, Brewster, New York City, and Poughkeepsie, NY.
A Health Savings Account can be used to pay for many types of medical expenses, even some that are often excluded on health insurance
plans. These include the following:

Health insurance plan deductibles, copayments, and coinsurance
Prescription and over-the-counter drugs
Dental Services: including braces, bridges, and crowns
Vision Care: including glasses and lasik eye surgery
Psychiatric and certain psychological treatments
Long term care services
Medically related transportation and lodging
Under most circumstances, Health Savings Accounts can't be used to pay health insurance premiums. However, some exceptions are listed
below. **

Health insurance premiums if you are receiving federal or state unemployment benefits
Premiums for COBRA qualified health insurance
Long term care insurance premiums
Premiums for a health plan (other than a Medicare supplemental policy) for an individual age 65 or older

**A Health Savings Account must be established before incurring any medical expenses or the expenses will not qualify.
Someone can contribute up to the annual deductible amount on their health insurance plan each year, but the amount can't exceed $3,400
for an individual or $6,750 for a family. These maximum amounts are for 2017 and will be adjusted each year.
Those between the ages of 55 and 65, can make an additional annual "catch up" contribution.
You will be sent at the end of each year a statement showing the amount you contributed to your Health Savings Account during that year. As
long as the amount contributed is less than or equal to the maximum allowable contribution, that amount is an "above the line" deduction and
can be taken even if you do not itemize.

If you are self-employed, in addition to deducting your Health Savings Account contributions, you may also be able to deduct 100% of your
health insurance premiums. You must meet the criteria listed below.

1. You are not eligible to participate in a subsidized health plan offered by an employer or your spouse's employer.
2. The deduction does exceed the amount of net income from your business.
Most Health Savings Accounts will provide a checkbook or debit card to pay for qualified medical expenses.

1. Employees don't need to get approval from the Health Savings Account administrator to use funds in their account.
2. Employees don't need to submit receipts to the Health Savings Account administrator, though they will need to maintain the receipts for
filling out their income taxes properly.
No. Funds in a Health Savings Account are held in a trust and are administered by a bank, insurance company, or other approved Trustee.
You decide how your contributions are invested in a Health Savings Account. Usually the options listed below are available.

Interest-Bearing Account
CD's
Money Market Funds
Mutual Funds
Health Savings Account Quote Request Form
Click below to fill out a NY, CT, or NJ quote request form!
Health Savings Account Quote Request Form
Click below to fill out a NY, CT, or NJ quote request form!
Click below to fill out a NY, CT, or NJ quote request form!
Click on the link below to fill out a quote request form for a health savings account that regardless of whether you're a large employer or a
small business, will provide excellent health insurance coverage at an affordable cost for your New York businesses most important assets,
your employees. Or speak with our Health Savings Account Insurance agent specialist toll free at 1-800-498-1819 to discuss the health
savings account features in more detail.
DIRECT
ACCESS
GROUP
BENEFITS,
INC.
Employee Benefits Specialists
Call Us 1-800-498-1819
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With more than 20 years of offering affordable group insurance services to both large
employers and small businesses throughout New York, Connecticut, and New Jersey.
We're an independent insurance agency and therefore able to consistently offer cost
effective group insurance services which are driven by a total commitment to service.