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This Web site contains a compilation of more than a thousand consumer finance  columns written by Tony Novak from the 1980s through 2006, updated and reformatted for maximum usefulness today.  New material was added after 2010.

Content is the opinion of the author and does not represent the position of any other person or entity. Information is from sources believed to be reliable but cannot be guaranteed.

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HSA is best for s-corp owner

originally posted: 11/22/2006  reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If you notice an error or are in doubt, please send a new question by email or ask for an update. Email

Q: Can you help with a couple questions so I know what plan is best for me. My situation is I am the only employee of a s-corporation that I am the 100% owner. I'm over 55 years old, am single with no dependents. My insurance deductible is $1000. My understanding is since I'm 100% owner and the only employee of an s-corporation, the only medical savings/reimbursement or flexible spending account I qualify for is the Health Savings Account. My next question is how much can I contribute per year and what are the administrative costs you charge for this type of account?

A: Yes, a health savings account is the obvious choice for you. Just make sure your policy is changed to meet the HSA requirements especially the minimum deductible of $1100 for 2007. You can then set up a basic account at no cost; just open an account online at and mail in your initial deposit in any amount up to $1000. This site also has a lot of additional information that might be useful in your planning


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