Some carriers are offering plans that appear to mimic HSA plans “BUT” their:

Minimum Deductible’s or
Maximum Out-of-Pocket Expenses

exceed the HSA limits, which will then disqualify you from even having a Tax-Deductible HSA Account.

On a more optimistic note, the American Health Care Act of 2017 (AHCA) passed House on May 4 and one of the many proposed changes would allow for a doubling of the current allowable HSA Contributions, which would then exceed currently allowable IRA Contribution levels and nearly approach 401k Contributions.

*Increases the maximum allowable contribution amounts to Health Savings Accounts (HSAs) to at least $6,550 for self only and $13,100 for all other coverage. (the current limit for 2017 is $3,400/$6,750)

The bill allows the use of funds if the account is open within 60 days of the HSA compatible HDHP effective date, 

Currently the account must be open before funds can be used for qualified medical expenses.

Permits husband/wife catch up amounts to be placed into ONE account,

Currently a separate “spousal” account must be open before funds can be used for qualified medical expenses.

Repeals the increased tax penalty of 20%, returning the penalty to 10%, for using funds for non-qualified medical expenses.

The Kirwan Companies, Ltd has been in the vanguard of recommending and educating our clients on HSA’s since their inception as MSA’s (Medical Savings Accounts) in 1997 and we continue to advocate for the establishment and expansion of these accounts having recently applied for and received our Intellectual Personal Property Patent, “HSA-Transfer-K”, which would allow for the vested benefits of an individual’s Vested Retirement Plan Values to be transferred “tax-free” into your HSA Account.

You can review our Patent proposal, which is under review by the CBO, at our web site at: www.kirwanbenefits.com/hsa-transfer-k/

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