|
Health Savings Account for Large and Small Businesses
|
|
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. |
|
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. |
|
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. |
|
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 $1,100 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 $5,500 for one person. |
|
We offer health savings account services to businesses in the following New York counties
and cities: Westchester County, Putnam County, Orange County, Rockland County, 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, Somers, 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, and Poughkeepsie, NY. |
|
Copyright 2004-2008 Direct Access Group Benefits, Inc. - All rights reserved
|
|
New & Noteworthy
|
|
Request a Quote Here!
|
|
New York State
Mandated Disability |
|
Answer a few questions and
we will provide you with a no
obligation to buy quote by
phone or email. Choose the
NY, CT, or NJ personal or
group insurance coverage
you're interested in from one
of the menus above.
|
|
Lowest Rates
|
|
"Your Local New York Employee Benefit Insurance Agent Specialist!"
|
|
Employee Benefits
|
|
Personal Insurance
|
|
"Over 15 Years
of Professional
Insurance Service"
|
|
Direct Access
Group Benefits, Inc.
340 Route 202
Somers, New York 10589
Toll Free: 1-800-498-1819
(914) 276-6000
Fax: (914) 276-6002
|
|
"Your Westchester County
Health Savings Account
Insurance Agent"
|
|
Health Savings Account
|
|
In NY, NJ, or CT call 1-800-498-1819
|
|
We also offer health savings account services to businesses in the following Connecticut
counties and cities: Fairfield County, Stamford, Norwalk, Greenwich, Darien, Riverside, Belltown, Springdale, Round Hill, Old Greenwich, East Norwalk, New Canaan, Glenville, Byram, Cos Cob, Mianus, North Stamford, Glenbrook, Wilton, Weston, Long Ridge, Noroton, West Norwalk, Westport, High Ridge, Southport, North Wilton, Winnipauk, Cannondale, Turn of River, South Wilton, Lyons Plains, Georgetown, Ridgefield, Branchville, Redding, Topstone, Ridgebury, Redding Ridge, Branchville, Dodgingtown, West Redding, Titicus, Hattertown, Bethel, Danbury, New Fairfield, Newtown, Hawleyville, Botsford, Monroe, Bridgeport, Stepney, Shelton, Huntington, Upper Stepney, Long Hill, Trumbull, Stratford, Easton, Fairfield, Greenfield Hill, Stratfield, Nichols, Oronoque, Rivercliff, Devon, Lordship, and East Bridgeport, and New Haven, CT. |
|
(New York - Connecticut - New Jersey)
|
|
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 Group Health Insurance Agent specialist toll free at 1-800-498-1819 to discuss the features. |
|
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
|
|
(New York - Connecticut - New Jersey)
|
|
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. |
|
(New York - Connecticut - New Jersey)
|
|
Someone can contribute up to the annual deductible amount on their health insurance
plan each year, but the amount can't exceed $2,850 for an individual or $5,650 for a family. These maximum amounts are for 2007 and will be adjusted each year. |
|
Those between the ages of 55 and 65, can make an additional annual "catch up"
contribution. |
|
(New York - Connecticut - New Jersey)
|
|
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.
|
|
(New York - Connecticut - New Jersey)
|
|
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. |
|
(New York - Connecticut - New Jersey)
|
|
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
|
|
(New York - Connecticut - New Jersey)
|
