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One of the concerns of setting up business at home...

One of the concerns of setting up business at home often has been what to do about medical health insurance. There now is a feasible solution to the anxiety of providing health care for oneself and ones family without breaking the bank. Combining a low-cost high-deductible health insurance policy with a tax-free HSA is found by many people to be the best way to go.

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On December 8th, 2003, President Bush signed Health Savings Account (HSA) legislation. I'll give you a nutshell overview here, and if you find it interesting, I urge you to investigate the details. You'll find the ins and outs at (click on Health Savings Accounts), and also at

An HSA is an account you put money into to save for future medical expenses.

You deduct these contributions from your gross income on your federal tax return even if you don't itemize. So the deposits are tax-free, and that includes any growth the account earns through interest or through investment. You use the funds in the account for various medical expenses not covered by your insurance policy, including dental care, glasses, even over-the-counter edications. The HSA must be paired with a high-deductible health insurance plan. Banks, credit unions, and other financial institutions can open HSAs for you, and some insurance companies offer qualifying high deductible plans. Generally you'll experience much lower premiums with high-deductible policies.

Choose any amount to put into your HSA each year

up to a limit of $2,900 for a self-only account, or $5,800 for a family for 2008 (this limit adjusts annually for inflation).Any money not used for medical expenses during the year, accumulates tax free. You own these funds there are no use it or lose it rules, and they are totally transportable your HSA can be retained if you move to another state, change your medical coverage, etc.

You may use the funds in your account for current medical expenses or save them for future needs

Including medical expenses after retirement (before Medicare), or long-term care insurance. HSAs are an economical way to protect yourself from sky-high premiums; they're great protection against high or unexpected medical bills; and their tax savings are terrific.

Another publication which also you may find of interest is titled All About HSAs and can be found on the site as well.

Small Business Resource Guide.

The IRS has a well-written and free publication on CD-ROM for the small business owner called The Small Business Resource Guide, a one-stop source for all the information a small business owner needs to comply with federal tax laws. Topics range from starting a business to recordkeeping to paying payroll taxes and much more. The CD includes tax forms, instructions and publications that small business owners need. It also contains helpful Web links to many government agencies, business associations and

Just go to and type SBRG in the Search area. Or, you may call IRS at (800) 829-3676 and ask for Publication 3207.

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Posted in Investing Post Date 01/14/2016