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| TennHealth Insurance Services 210 Hidden Hills Cir. Lexington TN 38351 |
Health Savings Account Plans
| Call 888-207-8368 for a LIVE AGENT from Tennessee waiting to talk to you. |
| How much will an HSA qualified insurance plan cost? |
| Already have a HSA qualified insurance plan? TennHealth Recommends the following banks to manage your HSA account. |
What's New for 2011
What’s not changing
The maximum contribution for 2011 is $3,050 for individuals and $6,150 for families. This is the same amount as
2010. However, anyone can contribute to your HSA, including family members and employers. Contributions for the
2010 tax year can be made through April 14, 2011 or the date the account holder files her/his taxes.
.
What is changing
Beginning in 2011, HSA funds cannot be used for over-the-counter medicines unless specifically prescribed by a
doctor. This will prevent funds from being used for items such as pain reliever and bandages.
Increased penalty
Funds may be withdrawn from an HSA for purposes other than qualified medical expenses, but the
account holder will face both income taxes and a 10 percent penalty. Starting in 2011, that penalty increases to 20
percent. Unused HSA funds carry over from year to year.
.
To read Publication 969 regarding health savings accounts and the changes for 2011, visit the IRS Resource Page.
What’s not changing
The maximum contribution for 2011 is $3,050 for individuals and $6,150 for families. This is the same amount as
2010. However, anyone can contribute to your HSA, including family members and employers. Contributions for the
2010 tax year can be made through April 14, 2011 or the date the account holder files her/his taxes.
.
What is changing
Beginning in 2011, HSA funds cannot be used for over-the-counter medicines unless specifically prescribed by a
doctor. This will prevent funds from being used for items such as pain reliever and bandages.
Increased penalty
Funds may be withdrawn from an HSA for purposes other than qualified medical expenses, but the
account holder will face both income taxes and a 10 percent penalty. Starting in 2011, that penalty increases to 20
percent. Unused HSA funds carry over from year to year.
.
To read Publication 969 regarding health savings accounts and the changes for 2011, visit the IRS Resource Page.