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What Is A Health Savings Account & How Will It Benefit Me and My Family?
A health saving account is health insurance combined with savings account which work in a similar way to your retirement account. There are tremendous benefits to having a health saving account qualified health plan. First, all the money that you put in to your health saving account is 100% tax deductible and it is your money that rolls over year after year. At the age of 65 and up if you have not used up all of your health saving account money you can roll it over in to your retirement account. Second, your health insurance costs are going to be cut almost in half. For example if you had a health insurance plan with $2500 deductible and now it is costing you $300 per month the same plans with health saving account qualified plan, will cost you only about $160 per month. The reason you save so much money with health saving account qualified health plan is because health saving account plans do not cover anything until the deductible is met. There are exceptions depending on your health insurance company. Some insurance companies will pay for your once a year physical before you meet your deductible.
You can put money in to health saving account for up to your deductible and you do not have to put any money into that account if you do not want to. Health saving accounts are as flexible as you would want them to be.
Buying Individual Health Coverage
Provided by Dennis Alexander |
