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Copyright 2004-2008 Insurance Plus - All rights reserved
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Insurance Plus
15 W. Main Street
Oyster Bay, New York 11771
(516) 922-1200
(212) 268-4473
Fax: (516) 922-5900
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"Your Long Island, NY
Business Group
Employee Health
Insurance Agent"
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Personal Insurance
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Employee Benefits
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Health Savings Account
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Resource Center
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New York Group Health Savings Account Specialists
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Built & Maintained by InsuranceWebsiteServices.com
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We are your local Long Island insurance agency, offering Health Savings
Account services to businesses in the following New York City area cities and counties: Oyster Bay, Huntington, Glen Cove, Port Washington, Roslyn, Syosset, Jericho, East Hills, Great Neck, South Huntington, Melville, Pinelawn, Farmingdale, Bethpage, Levittown, Lindenhurst, Babylon, Bay Shore, Islip, Northport, Hicksville, Westbury, Mineola, Garden City, Long Island City, Manhasset, Massapequa, Freeport, Lynbrook, Rockville Centre, Hempstead, Elmont, Valley Stream, Long Beach, Oceanside, Amityville, Merrick, Bellmore, Jamaica, Brooklyn, Bronx, Flatbush, Queens, Astoria, and everywhere else in Nassau County, Queens County, Kings County, New York County, Bronx County, Westchester County, and Suffolk County, NY. |
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Health Savings Account for Large and Small Businesses
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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. |
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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. |
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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. |
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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. |
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To be eligible for a Health Savings Account, an
employee must purchase a health insurance plan with annual deductibles of at least $1,050 for one person. 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 $5,250 for one person. |
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Click on the link below to fill out a quote request form for a health
savings account that benefits large employers, small business owners, and their employees. Or speak with one of our Group Health Insurance agent specialists at either 516-922-1200 or 212-268-4473 to discuss the features. |
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A 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
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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
**A Health Savings Account must be established before incurring any medical
expenses or the expenses will not qualify. |
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Someone can contribute up to the annual deductible amount on their health insurance
plan each year, but the amount can't exceed $2,700 for an individual or $5,450 for a family. These maximum amounts are for 2006 and will be adjusted each year. |
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Those between the ages of 55 and 65, can make an additional annual "catch up"
contribution, too. |
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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.
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Most Health Savings Accounts will provide a checkbook or debit card to pay for
qualified medical expenses.
1. Employees don't need to get approval from the Health Savings Account
administrator to use funds in their account.
2. Employees don't need to submit receipts to the Health Savings Account
administrator, though they will need to maintain the receipts for filling out their income taxes properly. |
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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
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Group Health for
New York Business
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Affordable
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INSURANCE
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Plus
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