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Submitted by: Amy Rose Herrick
Amy's skills combine Tax Planning, Income structuring, Cash Flow, Divorce Settlements, Debt configuration, Estate Plans, Portfolio Planning and Distribution Alternatives. She assisted an institutional investor base from '86-90, then focused her practice in '91 to the present for individuals and small business exclusively. Amy holds various professional licensing in several states. She has provided planning advice to multiple media outlets including Newsweek. Interviews are available.
The new rules that went into effect 1/1/2007 have further enhanced the features of this medical expense planning tool.
The minimum deductibles have been increased to $1,100 for a Single plan and $2,200 for a family plan.
However, you are now able to load your H.S.A. savings account with as much as $2,850 for a Single person even if your H.S.A. deductible is less. This is an opportunity to put away funds for your future needs while you can.
Family’s can now put away as much as $5,650 and the same guidelines apply as for Single insured’s. You can put away up to $5,650 even if you have a lower deductible plan. I see this as an excellent way to pre-plan for those big usually only partially covered items such as braces or other major orthodontia work for your children. You will appreciate the economic advantages of paying for these items with pre-tax dollars when the time comes later by funding it now.
Another bonus for those H.S.A. participants who are over age 55 you need to act on, you can add an extra $800 to your account this year.
If you have not yet explored the viability of an H.S.A. plan for your medical needs, there is no better time than now.
For plans started after 1/1/2007, all eligible savings deposit amounts will be prorated.
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