Obamacare Health Savings Accounts: Do They Still Make Sense?



The Patient Protection and Affordable Care Act, also known as Obamacare, changed many rules about health care. But health savings accounts survived, albeit in a different form. Do HSAs still make sense under Obamacare? In the following video, Dan Caplinger, The Motley Fool's director of investment planning, talks about HSAs and the impact of Obamacare on their provisions. Dan notes that with minimum deductible requirements of $1,250 for singles and $2,500 for family coverage, HSAs are compatible with many bronze and silver level Obamacare plans that UnitedHealth (NYSE: UNH), WellPoint (NYSE: WLP), Humana (NYSE: HUM), and other insurers offer. The benefit of doing so is that you can get a deduction for contributions of up to $3,300 for singles and $6,550 for family coverage, with an extra $1,000 annually if you're age 55 or older. With TD Bank (NYSE: TD), Wells Fargo (NYSE: WFC), and other financial institutions offering HSAs, making the most of these provisions can give you extra tax benefits. Investing made simple: The Motley Fool's essential guide to investing is now available to the public, free of cost, at http://bit.ly/1atRpHZ. This resource was designed to cover everything that new investors need to know to get started today. For your free copy, just click the link above. Visit us on the web at http://www.fool.com, home to the world's greatest investing community! ------------------------------------------------------------------------ Subscribe to The Motley Fool's YouTube Channel: http://www.youtube.com/TheMotleyFool Or, follow our Google+ page: https://plus.google.com/+MotleyFool/posts Inside The Motley Fool: Check out our Culture Blog! http://culture.fool.com Join our Facebook community: https://www.facebook.com/themotleyfool Follow The Motley Fool on Twitter: https://twitter.com/themotleyfool

Comments

  1. I can't contribute anymore than $1,000 a year. Not everybody can contribute $3,500 a year.
  2. Just curious.  In my journey to sign up for healthcare, I was pointed to my states page (Ohio) benefits(dot)ohio(dot)gov to see if I qualify for Medicaid.  They ask for my income and all other assets like my personal savings account.  Then at the end it was all sent to my county job and family services department.

    How much does the savings impact and determine how much I will be subsidized for Obamacare?  I am below the 133% poverty level and all I ever read were income levels and nothing about savings or other assets.

    Take care,
    Confused


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