As the tax filing deadline approaches, consumers with health savings accounts (HSAs) are reminded that they have until Monday, April 18, to make 2015 contributions up to the legal limit and increase their tax savings. This year's deadline is a departure from the traditional April 15 filing date.
To help the growing number of consumers who have HSAs either through their employer or purchased individually, www.HSACenter.com recently expanded and enhanced its features to help them better understand the power of HSAs and the potential cost and tax savings.
HSAs combine a high-deductible health insurance plan with a tax-favored savings account. Money in the savings account can help pay deductibles and other qualified health expenses, including those not always covered by a major medical plan, such as dental and vision care costs. There is no "use it or lose it" provision at the end of the year with an HSA – the money saved earns interest and continues to accumulate year over year.'
HSAs also deliver triple tax benefits:
- Contributions are 100 percent tax-deductible up to the annual limit, just like an IRA, so contribute the maximum amount. For 2015, that's $3,350 for an individual and $6,650 for a family. Those over 55 can make an additional contribution of $1,000/year.
- Account interest accumulates over the years tax-deferred, allowing consumers to decide when to spend and when to save.
- Withdrawals are tax-free as long as they are used for qualified medical expenses, even in retirement.
Dedicated to HSA education and helping consumers gain greater control over their health care, HSACenter.com now includes:
- Responsive design and navigation: For convenience, HSAcenter.com can now be accessed from a laptop, tablet or mobile device, and a new video serves as a guide to the site.
- New search functionality: It's easier than ever for consumers to find what they are looking for on the site
- Three interactive calculators: Estimating savings now and in the future happens in a snap with three enhanced calculators.
- Case studies: "People Like Me" case studies illustrating how families have benefitted from HSAs, helping consumers get even more from a visit.
- Detailed FAQ: Find answers to the most frequently asked questions and reference an updated list of qualified medical expenses.
HSACenter.com was designed to help consumers learn more about HSAs and how they work, and features user-friendly tools that allow them to estimate the cost- and tax savings – now and over time – before deciding if an HSA is the best choice for their families. HSACenter.com is presented as an educational resource by UnitedHealthcare's Golden Rule Insurance Company and UnitedHealthcare Life Insurance Company, which offer health insurance plans and ancillary products to individuals and families.
UnitedHealthcare is dedicated to helping people nationwide live healthier lives by simplifying the health care experience, meeting consumer health and wellness needs, and sustaining trusted relationships with care providers. The company offers the full spectrum of health benefit programs for individuals, employers, military service members, retirees and their families, and Medicare and Medicaid beneficiaries, and contracts directly with more than 850,000 physicians and care professionals, and 6,000 hospitals and other care facilities nationwide. UnitedHealthcare is one of the businesses of UnitedHealth Group (NYSE: UNH), a diversified Fortune 50 health and well-being company. For more information, visit UnitedHealthcare at www.uhc.com or follow @myUHC on Twitter.