Tax Deductible Health Savings Plans

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A health savings plan can be set up by deducting up to $2,500 a year for tax-free medical use. Find ways to pay for medical expenses that are tax deductible with help from an enrolled agent in this free video on filing taxes.

Part of the Video Series: Filing Taxes
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Video Transcript

My name is Penny Tokash. I'm an Enrolled Agent in Jonesboro, Georgia. My company is Tax Facts Incorporated. I'd like to talk to you today about tax deductible health insurance plans. There are a, a couple of plans that have become very very useful for people who are healthy; don't need to have a lot of insurance, but need the protection against catastrophic occurrences. If you have a high deductible health plan; the government will allow you to deduct up to $2500 a year into a health savings plan. The health savings plan you can take withdrawals out of it, tax free; as long as those withdrawals are use for medical expenses. If you take anything out and don't use it for medical expenses, it's treated like an IRA where the money is taxable and there's a ten percent penalty. But it rolls over from year to year and its a really good plan.


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