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To enroll in an HSA qualified checking account with HSA Bank, click on the following link:
https://secure.hsabank.com/enrollment?ain=930362
HSA stands for "Health Savings Accounts." Most health insurance companies now offer these plans that are designed to provide potential tax savings. They are HSA compatible high deductible PPO plans (Preferred Provider Organizations).
Regarding the IRS approved checking accounts, for 2010, an individual can deposit up to the lesser of $3,050 or the annual health plan deductible. For one or more dependents on your health plan, you can deposit up to the lesser of $6,150 or the annual deductible. Seek advice from your own tax advisor, but it is designed for you to be able to deduct the eligible dollar amount deposited into your qualified checking account each year on your tax return. You can deposit less than the maximum amounts listed above if you choose too. And you are not required to open an HSA checking account since it is optional. But you will not be able to claim any tax deductions for out-of pocket expenses without one.
Also, you do not have to spend the money to get the tax benefit, just make an eligible deposit. But, again, if you want the potential tax savings, you do have to have an IRS qualified checking account in place and make deposits into one.
If we can help further with any questions please feel free to contact us at 1-800-789-1999 or rob@cryderinsurance.com.
For additional information, you can also go to this government sponsored link:
http://www.irs.gov/publications/p969/index.html
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