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HSA and Taxes

One of the major advantages of having a Florida Health Savings Account is the tax consequences of the account. Under current rules, money from your HSA used to pay for qualified medical expenses is completely tax free. That means you wonıt have to pay any taxes on the money you place in your account and take out to pay your medical expenses. This one of the sharpest contrasts with traditional plans, where of course you receive no tax advantages for the higher premiums and co-pays associated with these plans.

While money spent on qualified health care has no tax consequences, money saved in your account also enjoys deferred tax treatment. In fact, interest and capital gains on investments into your Florida HSA has deferred tax treatment until you reach the age of 65. Deferred treatment simply means that the money wonıt be taxed until it is removed form the account, and in this case used for non-qualified expenses. Distributions from your HSA will be subject to an extra 10 percent tax if it is not used for a qualified medical expense, unless the distribution comes in the unfortunate event of the beneficiaries death or disability, or upon reaching age 65.

Upon reaching 65, youıll have the option of keeping your account and continuing to pay for your medical expenses from the money you have saved in the account, still tax free. On the other hand, you may wish to withdraw your savings from your account for use with other, non-qualified expenses at this time, where they will be then be taxed at the normal rate.

For contributions to Health Savings Accounts by individuals, you can deduct up to the maximum contribution amount from your gross income. For employers, contributions to their employeesı HSAs are deductible as a normal business expense.

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Florida Health Insurance Articles

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