Health Savings Account Insurance - New Jersey Business
The Health Savings Account replaced Medical Savings Accounts on
January 1, 2004. All Americans under the age of 65, regardless of
their employment status, now qualify for a Health Savings Account.
Health Savings Accounts are expected to benefit small
businesses by creating a health care environment where
employers, employees, and medical professionals all
have a stake in keeping costs lower.
Health Savings Accounts are designed to make health
insurance more affordable by combining a tax free
savings account with a high deductible health
insurance plan. It allows for "before tax contributions"
from employers and employees into a savings
account that can be used for medical expenses. The
contributions cover first-dollar medical costs until a
health insurance plan deductible is met. High
deductible health insurance has lower premiums that
are more affordable for employers and employees.
Employers can fund a Health Savings Account with
an amount equal to the employees deductible or split
the cost with the employee, and the money can be
used to pay health care expenses. If the money is not
needed, the money can be invested. Withdrawals
can also be made for non-medical purposes, but will
be taxed as normal income and are subject to a 10%
penalty if done prior to age 65.
To be eligible for a Health Savings Account, you must
purchase a health insurance plan with annual
deductibles of at least $1,100 for a single person or
$2,200 for a family. Also, the sum of the annual
deductible and the other annual out-of-pocket
expenses required to be paid under the plan (other
than premiums) can not exceed $5,500 for individuals
and $11,000 for families.
Click on the link below to fill out a secure quote request form for a
health savings account that benefits large employers, small
business owners, and their employees. Or you can speak with our
Group Health Insurance specialists toll free at 1-800-501-6199 to
discuss the features.
We are a greater Philadelphia area insurance services agency, offering health savings
account services to businesses in the following New Jersey cities and counties:
Deptford, Camden, Cherry Hill, Blackwood, Collingswood, Runnemede, Woodbury
Heights, Pennsauken, Palmyra, Cinnaminson, Delran, Riverside, Edgewater Park,
Burlington, Riverton, Delanco, Beverly, Bridgeboro, Woodlynne, Oaklyn, Gloucester
City, Brooklawn, Mt. Ephraim, Westville Grove, Colonial Manor, Red Bank, National
Park, Thorofare, Gibbstown, Bridgeport, Penns Grove, Almonesson, Fairview, Grenloch,
Hurffville, Turnersville, Erial, Pine Hill, West Berlin, Clementon, Barrington, Kirkwood,
Maple Shade, Mt. Laurel, Pitman, Sewell, Mantua, Centre City, Magnolia, Somerdale,
Berlin, Richwood, Mt. Royal, Glassboro, Ewan, Wenonah, Audubon, Haddonville,
Merchentville, Willingboro, Woodbury, Clarksboro, Mickleton, Repaupo, Paulsboro,
Williamstown, Sharptown, Ferrell, Auburn, Yorktown, Pedricktown, Pennsville, Vineland,
Millville, Gloucester County, Burlington County, Salem County, and Camden County,
NJ. We also offer healthsavings account services throughout southeastern Pennsylvania,
including in Upper Darby, Drexel Hill, Yeadon, Sharon Hill, Collingdale, Darby, Folcroft,
Lansdowne, Norwood, Prospect Park, Glenolden, Havertown, Colwyn, Chester,
Cheltenham, Montgomery County, Bucks County, Delaware County, and Philadelphia
County, PA.
Employee Benefits
Sunrise Retirement Solutions and
Insurance Planning Services, LLC
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Personal Insurance
Health Savings Account
Sunrise Retirement Solutions
& Insurance Planning Services
188 Fries Mill Road, Unit F-1
Turnersville, New Jersey 08012
Gloucester County, NJ
(856) 875-0999
Toll Free: 1-800-501-6199
Fax: (856) 875-0981
Answer a few questions
and we will provide you
with an insurance quote by
phone or email. Choose
the New Jersey or
Pennsylvania business or
personal insurance
coverage you're interested
in from the menu above.
Philadelphia Pennsylvania Area Employee Benefit Insurance Services
Your Philadelphia Area Employee Benefits Specialist
(also Philadelphia, PA area)
SSL Secure
Someone can contribute up to the annual deductible amount on your health insurance
plan each year, but the amount can't exceed $2,850 for an individual or $5,650 for a
family. These maximum amounts are for 2007 and will be adjusted each year.
If you are between the ages of 55 and 65, you can make an additional annual "catch
up" contribution, too.
(also Philadelphia, PA area)
A New Jersey Health Savings Account can be used to pay for many types of
medical expenses, even some that are often excluded on health insurance plans.
These include the following:
Health insurance plan deductibles, copayments, and coinsurance
Prescription and over-the-counter drugs
Dental Services: including braces, bridges, and crowns
Vision Care: including glasses and lasik eye surgery
Psychiatric and certain psychological treatments
Long term care services
Medically related transportation and lodging
(also Philadelphia, PA area)
Under most circumstances, Health Savings Accounts can't be used to pay health
insurance premiums. However, some exceptions are listed below. **

Health insurance premiums if you are receiving federal or state unemployment
benefits
Premiums for COBRA qualified health insurance
Long term care insurance premiums
Premiums for a health plan (other than a Medicare supplemental policy) for an
individual age 65 or older
**You must establish a Health Savings Account before incurring any medical
expenses or the expenses will not qualify.
(also Philadelphia, PA area)
You will be sent at the end of each year a statement showing the amount you
contributed to your Health Savings Account during that year. As long as the
amount contributed is less than or equal to the maximum allowable contribution,
that amount is an "above the line" deduction and can be taken even if you do not
itemize.

If you are self-employed, in addition to deducting your Health Savings Account
contributions, you may also be able to deduct 100% of your health insurance
premiums. You must meet the criteria listed below.
1. You are not eligible to participate in a subsidized health plan offered by an
employer or your spouse's employer.
2. The deduction does exceed the amount of net income from your business.
(also Philadelphia, PA area)
Most Health Savings Accounts will provide you with a checkbook or debit card to
pay for qualified medical expenses.
1. You don't need to get approval from the Health Savings Account administrator
when you use funds in your account.
2. You don't need to submit receipts to the Health Savings Account administrator,
though you will need to maintain the receipts for filling out your income taxes
properly.
(also Philadelphia, PA area)
No. Funds in a Health Savings Account are held in a trust and are administered
by a bank, insurance company, or other approved Trustee. You decide how your
contributions are invested in a Health Savings Account. Usually you will have the
options listed below available.
Interest-Bearing Account
CD's
Money Market Funds
Mutual Funds
(also Philadelphia, PA area)
**The information, pictures, and other content in this website about particular
insurance services is only provided for informational purposes. Any decisions
regarding your insurance needs should be discussed with a licensed insurance
agent.