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A Win-Win
Situation
Health reform is the topic of
conversation on a daily basis. More people are demanding health
insurance policies that place an emphasis on the consumer. With
escalating health care cost it is nearly impossible to come out on top.
While savings and health care seem like polar opposites, Health Savings
Accounts make saving for your health care needs a reality. Increasing in
popularity, Health Savings Accounts are becoming more and more
mainstream.
The basis of a Health Savings
Account is that under a high deductible health plan you are able to open
a Health Savings Account. Deposits can be made into your Health Savings
Account up to the amount of your deductible. Health Savings Accounts can
be used to cover medically qualified expenses. Often time these expenses
are not covered by your typical insurance plan, giving Health Savings
Accounts an edge over it’s competition. Similar to IRA’s, Health Savings
Accounts are tax-free accounts.
Health Savings Accounts advantages
include:
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Health care costs including deductibles and
co-payment can be paid with your Health Savings Account.
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Health Savings Accounts put the policyholder in
the driver’s seat. You choose where your money is spent. Eye care,
dental care, and over the counter medications are all considered
medically qualified expenses.
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At the end of each year the money left in your
account will be rolled over year after year.
-
Health individuals can accumulate a large sum
of money that can be used to pay for medical expenses in the future.
You can also use the money in your Health Savings Account to cover
medical expenses of family members.
Health Savings
Accounts might not be for everyone, but if you fit the qualifications
this could be a wonderful option.
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