http://www.asktaxguru.com en Sat, 21 Nov 2009 00:32:59 GMT vBulletin 60 http://www.asktaxguru.com/images/monkeybatter/misc/rss.jpg http://www.asktaxguru.com http://www.asktaxguru.com/2395-who-considered-eligible-individual-health-savings-account.html Mon, 26 Oct 2009 04:38:55 GMT For Health Savings Account (HSA) purposes, an “eligible individual” must meet the following requirements: 1. the eligible individual must be covered under a high-deducible health plan (HDHP) on the first day of applicable month; 2. the eligible individual must not be covered by any other health plan that is not an HDHP; 3. the eligible individual must not be entitled to benefits under Medicare; 4. the eligible individual must not be claimed as a dependent on another person’s tax return. . For Health Savings Account (HSA) purposes, an “eligible individual” must meet the following requirements:

1. the eligible individual must be covered under a high-deducible health plan (HDHP) on the first day of applicable month;
2. the eligible individual must not be covered by any other health plan that is not an HDHP;
3. the eligible individual must not be entitled to benefits under Medicare;
4. the eligible individual must not be claimed as a dependent on another person’s tax return.

. ]]> Medical TaxGuru http://www.asktaxguru.com/2395-who-considered-eligible-individual-health-savings-account.html http://www.asktaxguru.com/2394-under-what-circumstances-health-savings-account-hsa.html Mon, 26 Oct 2009 04:35:13 GMT Health Savings Account (HSA) distributions are tax-free if they are used to pay qualified medical expenses. The following are some of these medical expenses and include the following: 1. Prescription drugs 2. Diagnosis, cure, treatment, mitigation, or prevention of disease costs 3. Continuation coverage required by federal law 4. Qualified long-term care services 5. Qualified long-term care insurance 6. Health insurance for the unemployed 7. Medicare expenses (not Medigap) 8. Retiree health expenses for individuals age 65 or older However, any distributions that are made for any other purpose are taxable and have a 10 percent penalty. This 10 percent penalty is waived for distributions made by individuals age 65 or older Health Savings Account (HSA) distributions are tax-free if they are used to pay qualified medical expenses. The following are some of these medical expenses and include the following:

1. Prescription drugs
2. Diagnosis, cure, treatment, mitigation, or prevention of disease costs
3. Continuation coverage required by federal law
4. Qualified long-term care services
5. Qualified long-term care insurance
6. Health insurance for the unemployed
7. Medicare expenses (not Medigap)
8. Retiree health expenses for individuals age 65 or older

However, any distributions that are made for any other purpose are taxable and have a 10 percent penalty. This 10 percent penalty is waived for distributions made by individuals age 65 or older ]]> Medical TaxGuru http://www.asktaxguru.com/2394-under-what-circumstances-health-savings-account-hsa.html