Health Savings Account
A Health Savings Account, or HSA, is a tax-exempt custodial account
established to pay qualified medical expenses in conjunction with
a "High Deductible Health Plan" (HDHP).
A High Deductible Health Plan is an
alternative to traditional PPO and HMO plans. In exchange
for a lower monthly premium, you accept responsibility for a
higher amount of "out of pocket" expenses.
Federal law sets the minimum requirement for what
constitutes a HDHP. This health plan for 2008:
1) Has an annual deductible of at least $1,100 and annual
out-of-pocket expenses (including deductible) of not more than
$5,600 for individual coverage.
2) Has an annual deductible of at least $2,200, and annual
out-of-pocket expenses (including deductible) of not more than
$11,200 for family coverage.
Any eligible individual may establish an HSA with a qualified
HSA trustee or custodian (such as the credit union) with no
permission or authorization from the IRS, and with or without
involvement of an employer. The maximum annual amount that
may be contributed to an HSA is the IRS statutory limit.
For 2008 those limits are:
1) For individuals with SELF ONLY
coverage under a HDHP, the maximum contribution is
$2,900.
2) For individuals with with FAMILY coverage under
a HDHP, the maximum contribution is $5,800.
3) Catch-up contributions can also be made to an HSA for
those age 55 and older. For 2008 the catch-up contribution
is $900. This amount will increase by $100 each year
until it reaches $1,000 in 2009.
CCU has Health
Savings Accounts available with debit card access. Contact
us for more information or to open your account.
Your credit
union provides this listing of local insurance agents offering
high deductible health plans for your reference and convenience.
American Family Insurance - Black
River Falls - 715-284-4113
Shawn Johnson
American United Life - Blair - 608-989-2822
Ronald Myskewitz
Coverra Insurance Services - Black River Falls - 715-284-2127
Lori Scharlau
Debra Ray Insurance Agency - Galesville - 608-582-2056
Esser Insurance Agency - Alma Center - 715-964-6311
Dan Esser
Greater Insurance Services - Black River Falls - 715-284-4956
Kniseley Insurance - Taylor - 715-662-2631
Barb Kniseley
New York Life Insurance - Black River Falls
Stacy Burgau - 715-284-5433
Mark Thomley - 715-284-8000
Norgaard Insurance - Black River Falls - 715-284-5115
John Norgaard
Ristow Insurance Agency - Galesville - 608-582-2155
Rural Insurance Agency - Black River Falls - 715-284-2522
Rodney Nowak
State Farm Insurance - Black River Falls - 715-284-4020
Karen Stai Koenigs
Westland Insurance Agency - Black River Falls - 715-284-4980
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