Term
| allows all eligible persons under the age of 65 to establish health savings accounts an receive |
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Definition
| favorable income-tax treatment |
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Term
| a tax-exempt or custodial account established exclusively for the purpose of paying qualified medical expenses of the account beneficiary who is covered under a high-deductible health insurance plan |
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Definition
| health savings account (HSA) |
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Term
| a high-deductible health insurance policy that covers catastrophic events, and an investment account from which the account holder can withdraw money tax-free for medical costs |
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Definition
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Term
| you must be covered by a high-deductible health plan and must not be covered by any other comprehensive health plan that is not a qualified high-deductible plan |
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Definition
| eligibility requirement of HSA |
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Term
| you must not be eligible for medicare |
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Definition
| eligibility requirement of HSA |
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Term
| you must not be claimed as a dependent on another person's tax return |
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Definition
| eligibility requirement of HSA |
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Term
| although many HSA plans pay 100% of covered expenses in excess of the deductible, some insured prefer a lower premium plan w/ |
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Definition
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Term
| can be made by individuals, their employers, and family members |
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Definition
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Term
| total contributions to HSA for family coverage cannot exceed |
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Definition
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Term
| if you are age 55 or older, you make make an additional catch-up contribution to your HSA of |
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Definition
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Term
| the HSA investment account in a qualified plan receives |
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Definition
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Term
| are income-tax deductible up to certain annual limits |
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Definition
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Term
| the tax deduction on an HSA investment account is what which means you do not have to itemize deductions on your tax return to deduct contributions |
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Definition
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Term
| means you are paying premiums with before-tax dollars |
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Definition
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Term
| accumulate income-tax free, and distributions from the account are tax-free if used to pay for qualified medical expenses |
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Definition
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Term
| distributions prior to age 65 for nonmedical purposes are subject to an income tax and a 10% tax penalty |
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Definition
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Term
| once you attain age 65 or are covered under medicare, you can no long |
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Definition
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Term
| are geared toward younger and healthier individuals who may decide not to join a traditional plan. however, unhealthy people are more likely to remain in traditional plans |
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Definition
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Term
| pays a daily or monthly benefit for medical or custodial care received in a nursing facility, in a hospital, or at home |
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Definition
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Term
| the Medicare program provides only limited assistance in paying for the cost of |
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Definition
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