Released on = March 23, 2007, 7:21 pm

Press Release Author = JMP Financial Services

Industry = Healthcare

Press Release Summary = Colorado Insurance Agents explain Health Savings Accounts
(HSAs) A HSA is an account that you can put money into to save for future medical
expenses. There are certain advantages to putting
money into these accounts, including favorable tax
treatment. HSAs were signed into law by President
Bush on December 8, 2003.

Press Release Body = For Immediate Release 3/23/07

Colorado Health Insurance Agent Update- Health Savings Accounts

What is a Health Savings Account ("HSA")?

Are HSAs part of my family or group medical or health insurance? Is there a
Colorado Health Insurance Agent that can help me answer questions?

A Health Savings Account is an alternative to traditional health insurance; it is a
savings product that offers a different way for consumers to pay for their health
care. HSAs enable you to pay for current health expenses and save for future
qualified medical and retiree health expenses on a tax-free basis.
You must be covered by a High Deductible Health Plan (HDHP) to be able to take
advantage of HSAs. An HDHP generally costs less than what traditional health care
coverage costs, so the money that you save on insurance can therefore be put into
the Health Savings Account.
You own and you control the money in your HSA. Decisions on how to spend the money
are made by you without relying on a third party or a health insurer. You will also
decide what types of investments to make with the money in the account in order to
make it grow.
What Is a "High Deductible Health Plan" (HDHP)?
You must have an HDHP if you want to open an HSA. Sometimes referred to as a
"catastrophic" health insurance plan, an HDHP is an inexpensive health insurance
plan that generally doesn\'t pay for the first several thousand dollars of health
care expenses (i.e., your "deductible") but will generally cover you after that . Of
course, your HSA is available to help you pay for the expenses your plan does not
cover.

Who Can Have an HSA
Any adult can contribute to an HSA if they:
. Have coverage under an HSA-qualified "high deductible health plan" (HDHP)
. Have no other first-dollar medical coverage (other types of insurance like
specific injury insurance or accident, disability, dental care, vision care, or
longterm care insurance are permitted).
. Are not enrolled in Medicare.
. Cannot be claimed as a dependent on someone else\'s tax return.
Contributions to your HSA can be made by you, your employer, or both.

More information on HSAs - contact your JMP Financial Services insurance agent today
serving Colorado at www.jmpfinancial.com/about.html
http://www.ustreas.gov/offices/public-affairs/hsa/pdf/HSA-Tri-fold-english-06.pdf


Jim Parker, president of JMP Financial Services, has been a specialist in the
Colorado health insurance market for more than 17 years. We offer many different
types of health insurance including PPO\'s, HSA\'s, and HMO\'s for both individuals and
small groups. We also offer several short term, international (whether traveling
outside the U.S. or coming to the U.S.) and travel plans. For more information, or
to receive a FREE online quote, go to http://www.jmpfinancial.com/about.html.

Web Site = http://www.jmpfinancial.com/about.html

Contact Details = Jim Parker||633 Atwood Ct||Fort Collins ,
80525||$$country||||970-225-1752||jmpfinancial@comcast.net||http://www.jmpfinancial.com/about.html