Health Savings Account Insurance
PA & NJ Business
The Health Savings Account replaced Medical Savings
Accounts on January 1, 2004. All Americans under the
age of 65, regardless of their employment status, now
qualify for a Health Savings Account.
Health Savings Accounts are expected to benefit small
businesses by creating a health care environment
where employers, employees, and medical
professionals all have a stake in keeping costs lower.
Health Savings Accounts are designed to make health
insurance more affordable by combining a tax free
savings account with a high deductible health
insurance plan. It allows for "before tax contributions"
from employers and employees into a savings
account that can be used for medical expenses. The
contributions cover first-dollar medical costs until a
health insurance plan deductible is met. High
deductible health insurance has lower premiums that
are more affordable for employers and employees.
Employers can fund a Health Savings Account with
an amount equal to the employees deductible or split
the cost with the employee, and the money can be
used to pay health care expenses. If the money is not
needed, the money can be invested. Withdrawals
can also be made for non-medical purposes, but will
be taxed as normal income and are subject to a 10%
penalty if done prior to age 65.
To be eligible for a Health Savings Account, you must
purchase a health insurance plan with annual
deductibles of at least $1,200 for a single person or
$2,400 for a family. Also, the sum of the annual
deductible and the other annual out-of-pocket
expenses required to be paid under the plan (other
than premiums) can not exceed $5,950 for individuals
and $11,900 for families.
Click on the link below to fill out a secure quote request form for a health
savings account that benefits large employers, small business owners,
and their employees. Or you can speak with our Pennsylvania Group
Health Insurance specialists toll free at 800-662-3982 to discuss the
policy features in more detail.
SSL Secure
Someone can contribute up to the annual deductible amount on your health insurance
plan each year, but the amount can't exceed $3,050 for an individual or $6,150 for a
family. These maximum amounts are for 2010 and will be adjusted each year.
If you are between the ages of 55 and 65, you can make an additional annual "catch
up" contribution of $1,000.
A New Jersey Health Savings Account can be used to pay for many types of
medical expenses, even some that are often excluded on health insurance plans.
These include the following:
Health insurance plan deductibles, copayments, and coinsurance
Prescription and over-the-counter drugs
Dental Services: including braces, bridges, and crowns
Vision Care: including glasses and lasik eye surgery
Psychiatric and certain psychological treatments
Long term care services
Medically related transportation and lodging
Under most circumstances, Health Savings Accounts can't be used to pay health
insurance premiums. However, some exceptions are listed below. **

Health insurance premiums if you are receiving federal or state unemployment
benefits
Premiums for COBRA qualified health insurance
Long term care insurance premiums
Premiums for a health plan (other than a Medicare supplemental policy) for an
individual age 65 or older
**You must establish a Health Savings Account before incurring any medical
expenses or the expenses will not qualify.
You will be sent at the end of each year a statement showing the amount you
contributed to your Health Savings Account during that year. As long as the
amount contributed is less than or equal to the maximum allowable contribution,
that amount is an "above the line" deduction and can be taken even if you do not
itemize.

If you are self-employed, in addition to deducting your Health Savings Account
contributions, you may also be able to deduct 100% of your health insurance
premiums. You must meet the criteria listed below.
1. You are not eligible to participate in a subsidized health plan offered by an
employer or your spouse's employer.
2. The deduction does exceed the amount of net income from your business.
Most Health Savings Accounts will provide you with a checkbook or debit card to
pay for qualified medical expenses.
1. You don't need to get approval from the Health Savings Account administrator
when you use funds in your account.
2. You don't need to submit receipts to the Health Savings Account administrator,
though you will need to maintain the receipts for filling out your income taxes
properly.
No. Funds in a Health Savings Account are held in a trust and are administered
by a bank, insurance company, or other approved Trustee. You decide how your
contributions are invested in a Health Savings Account. Usually the options listed
below are available.
Interest-Bearing Account
CD's
Money Market Funds
Mutual Funds
**The information, pictures, and other content in this website about particular insurance
services is only provided for informational purposes. Any decisions regarding your
insurance needs should be discussed with a licensed insurance agent.
Click on the link below to fill out a secure quote request form for a health
savings account that benefits large employers, small business owners, and
their employees. Or you can speak with our Pennsylvania Group Health
Insurance specialists toll free at 800-662-3982 to discuss the policy features
in more detail.
SSL Secure
Health Savings
Account (HSA)
Pennsylvania
Business Insurance
1 Stop Benefits, Inc.
1546 Old Farm Court
Yardley, PA 19067
Bucks County, Pennsylvania
Toll Free: (800) 662-3982
Secure Fax: (888) 662-3920
Answer a few questions and
we can provide you with an
insurance quote by phone or
email. Choose a Pennsylvania
business or personal insurance
coverage from the menu above.
1 Stop Benefits, Inc.
Copyright 2010-2011, All rights reserved
Website Design & Managed by InsuranceWebsiteServices.com
We are a Yardley, PA insurance agency offering affordable Pennsylvania HSA health
savings account to mid-sized, large, and small business in the following towns, cities
and counties in Pennsylvania: Philadelphia, Bridgewater, Croydon, Bensalem,
Nottingham, Edgely, Newportville, West Bristol, Strafford, Devon, Berwyn, Port
Kennedy, Newtown Square, Gradyville, Cheyney, Concordville, Narberth, Milltown,
Westtown, Trainer, Marcus Hook, West Chester, Lancaster, York, Reading,
Bethlehem, Pottstown, Coatesville, Kulpsville, Warminster, Montgomeryville,
Levittown, Valley Forge, Malvern, Green Tree, Paoli, Devault, Chatwood, Goshenville,
Sugartown, Glenloch, Chester Springs, Audubon, Eagleville, Evansburg, Worcester,
Blue Bell, Center Square, Fort Washington, Doylestown, Chalfort, Quakertown,
Perkasie, Sellersville, Soudertown, Willow Grove, Warrington, Morrisville, Ambler,
Lower Gwynedd, Washington Crossing, New Hope, Richboro, Feasterville,
Southampton, Langhorne, Holland, Newtown, Emmanus, Hellertown, Whitehall,
Cetronia, East Texas, Lanark, Dorneyville, Wagnersville, Catasauqua, Walbert,
Farmersville, Stiles, Friedensville, Mechanicsville, Hanover, North Catasauqua,
Stroudsburg, King of Prussia, Springfield, Woodlyn, Chester, Norwood, Ridley Park,
Prospect Park, Folcroft, Darby, Swarthmore, Drexel Hill, Rutledge, Yeadon, Upper
Darby, Secane, Milmont Park, Garden City, Wallingford, Morton, Aldan, Primos,
Pilgrim Gardens, Colwyn, Lester, Essington, Eddystone, Landsdowne, Fernwood,
Milbourne, Havertown, Broomall, Penn Wynne, Merion Station, Wynnewood,
Haverford, Penn Valley, Bala-Cynwyd, Ardmore, Rosemont, Overbrook, Belmont Hills,
Villanova, Rebel Hill, Gulph Mills, Gladwyne, Conshohocken, Kings Manor,
Swedeland, Swedesburg, Bridgeport, Norristown, Lafayette Hill, Plymouth Meeting,
Erdenheim, Oreland, Flourtown, Ardsley, North Hills, West Conshohocken, La Mott,
Cheltenham, Melrose Park, Elkins Park, Glenside, Wyncote, Roslyn, Abington,
Huntingdon Valley, Rydal, Meadowbrook, Jenkintown, Hollywood, Rockledge,
Somerton, Bustleton, Torresdale, Holmesburg, Tacony, Kensington, Feltonville,
Frankford, Olney, Andalusia, Cornwells Heights, Bucks County, Philadelphia County,
Delaware County, and Montgomery County, PA. We can also offer HSA services to
small business throughout New Jersey, including in Ewing, White Horse, Mercerville,
Hamilton Square, Slackwood, Lawrenceville, Ewingville, Bakersville, Bordentown,
Princeton, Camden, Trenton, Hunterdon County, Mercer County, and Burlington
County, NJ.
1 Stop Benefits, Inc.
Senior Settlements Division
17 Buttonwood East
Rumson, NJ 07760