IRS Changes Health Spending Accounts/Flex
IRS Announces increased HSA Contribution Limits
Newspapers, industry websites and television pundits have been buzzing for the last few months about the future of healthcare. Will it be government sponsored, will the market set prices, or will it look like a combination of the two? At this point, we do not know. The Congress and the President will be discussing the details all summer, but we believe the market for the Health Savings Account has never been better.
The Internal Revenue Service recently released the 2010 Health Savings Account contribution and High-Deductible Health Plan levels.The catch-up contribution, available to account holders over age 55, will remain at $1,000.
|
Tax Year |
HDHP Coverage |
Max. Contribution Amount |
Min. Deductible for HDHP |
Max. |
| 2009 | Self-Only | $3,000 | $1,150 | $5,800 |
| Family | $5,950 | $2,300 | $11,600 | |
|
|
|
|
|
|
| 2010 | Self-Only | $3,050 | $1,200 | $5,950 |
| Family | $6,150 | $2,400 | $11,900 |
About FlexHSA
FlexHSA combines a bank deposit account and a standard Pershing retail brokerage account in one. This integrated structure allows for the automatic movement of the funds from the bank account to brokerage account (and back again), adding flexibility and simplicity to the process. Other advantages of the FlexHSA solution include:
- Investments in the FlexHSA account are on the Pershing Platform – its “business as usual” for you to manage the assets
- You are compensated for the advice and management of your clients’ healthcare dollars in the brokerage account
- Your clients can monitor and track their accounts through Personal Cash Manager, a secure web-based account management tool
- Banking activity and value of HSA investments are combined on one FlexHSA statement available 24/7
To learn more about FlexHSA, please call 866-472-0892.
Posted in Taxes