COMMON QUESTIONS REGARDING THE HSA LAW

Now that the deductibles have come down, will a traditional high deductible policy qualify? My policy has a $2,000 deductible per person. For my wife and me, that would be $4,000.
No, that plan won't qualify. The law is specific and clear. For a family (2 or more persons), the deductible must be one family deductible (all covered expenses add up to one deductible). The traditional high deductible policy does not fall within these requirements.

Is it possible to have a Health Savings Account without the qualifying insurance?
No.

If I start my insurance coverage on June 15th, can I still fund up to the deductible?
Yes. New in 2007, Any contribution of up to the maximum allowable HSA contribution can be made at any time, in any year, including up to April 15th of the following year, provided you have been an eligible individual in the last month of the preceding year. If an you do not stay in the HSA-eligible plan 12 months following the last month of the year of your first year of eligibility, the amount which could not have been contributed except for this provision will be included in income and subject to a 10 percent additional tax. This amount is determined by pro-rating.

This all sounds great. How do I set up a Health Savings Account?
Easy. When you apply for insurance with Medical Savings Insurance Company, we automatically create an account for you. There is no additional paperwork necessary.

I work in a seasonal business. My busy times are Christmas and the 4th of July. Can I just fund my account at these times, or do I have to do it with my regular insurance billing?
Funding the account is extremely flexible. (Don't forget, the amount is totally optional.) For ease and convenience, we can just add the deposit to your insurance bill. Or, you can use one of our deposit envelopes and mail us a check whenever you wish. As a matter of fact, you have until April 15th of the following year to make a deposit to your Health Savings Account.