Simplify your health insurance and save more money, tax-free with an Health Savings Account (HSA)
If you are self-employed, you may be eligible to deduct your health plan premiums from you federal income tax return. This means you can save even more of your hard-earned money. Here’s an example of how you can save thousands of dollars each year on healthcare premium:
| 100/70 Plan | |
| Annual deductible | $2,600.00 |
| Monthly premium | $154.16 |
| Annual cost of insurance | $1,849.92 |
| Savings and Qualified Medical Expenses | |
| Maximum allowable contribution to an HSA | $2,600.00 |
| Tax-free withdrawal for qualified medical expenses | |
| Root canal | $1,000 |
| Contact lenses | $500.00 |
| Tax Deductions | |
| Maximum allowable HSA contribution | $2,600.00 |
| Annual health premium (self-employed) | $1,849.92 |
| Total deductions | $4,449.92 |
| x28% tax bracket | $1,246.00 of real tax savings |
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