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Meet the Johnson family NEW!
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Meet the Moore Family – Empty-nesters looking for a personal health plan and tax advantages!

HSA Case Study Who: Bill and Andrea Moore
Where: St. Louis, Missouri
What: HSA plan owners
Why: Empty nesters planning for the future

Bill Moore is 53 and wife Andrea just turned 49. They're proud parents of two children – a daughter, working in the banking industry, and a son who's expected to finish college next year.

With both children nearly out on their own, Bill and Andrea are planning the next phase of their lives: moving from a four-bedroom home in the suburbs to a smaller condo in the city. Andrea is ready to expand her successful, part-time catering business, and Bill wants to retire early from his executive post at a Midwest manufacturer.

They'll need a personal health plan and some new tax breaks, with the kids soon-to-be no longer dependent upon them.

A health savings account is a great fit for empty-nesters ready to move on with their lives.

Why an HSA?
  1. Qualified, lower-cost high deductible health insurance can be a cost-effective way to protect Bill and Andrea in case of major health care expenses.
  2. With a family HSA plan, the couple will have a single combined deductible.
  3. The Moores can save funds to cover the insurance deductible and other qualified medical expenses tax free.
  4. Money going into an HSA account is deductible off of federal gross income, within legal limits. Many states allow the deduction as well.
  5. Bill and Andrea's HSA savings grow tax deferred.
  6. Once Bill reaches age 55, federal law allows him to save an additional $1,000 every year until retirement.
  7. Once in retirement HSA savings can be used, like an IRA, for living expenses and they only pay regular income taxes on the withdrawals.
  8. Savings used for qualified medical expenses (including dental and vision care) are never taxed, even in retirement.
For Bill and Andrea, an HSA plan makes sense – qualified personal health insurance with lower premiums than traditional or copay alternatives and tax advantages that self-employed, empty-nesters can really appreciate.

* The Moore's story is a hypothetical example for purposes of illustration only.