An HSA is tax-favored savings account that is used in conjunction with a high-deductible HSA-compatible health insurance plan to make healthcare more affordable and to save for retirement.
Michigan residents can pay for qualified medical expenses with pre-tax dollars and save for retirement on a tax-deferred basis.
eHealthInsurance works with Michigan insurance providers that offer health plans compatible with an HSA. Compare HSA-compatible health plans in Michigan and select the plan best that works best for you and your family.
For 2010, the maximum annual out-of-pocket amounts for HDHP self-coverage increase to $5,950 and the maximum annual out-of-pocket amount for HDHP family coverage is twice that, $11,900.
For 2010, the minimum deductible for HDHPs increases to $1,200 for self-only coverage and $2,400 for family coverage
Residents of Michigan can deduct HSA contributions on their Michigan personal income taxes*.
*Source data according to Kaiser Family Foundation:
Data as of February, 2008.
Laws regarding HSAs are subject to change, please always check with a licensed agent or the IRS (www.irs.gov) regarding rules and regulations.