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Health Savings
Accounts and Access to Health Care
Health care reform has been the
topic of conversation for generations. Access to health care is an
ever-increasing issue affecting millions. Health Savings Accounts are
helping to solve the problem of access and affordability of healthcare.
Health Savings Accounts insured an estimated 7.4 million Americans last
year according to researchers at Information Strategies. Health Savings
Accounts continue to rise in popularity and the number of those
enrolling in Health Savings Accounts and High Deductible Insurance Plans
continue to grow. So what are Health Savings Accounts?
In 2003 the Medicare bill
introduced Health Savings Accounts into the world of consumer-based
health insurance. Health Savings Accounts are a tax-free way to help
people save for medical expenses including current medical expenses and
future medical expenses. Policy holders can withdraw money from their
Health Savings Account on a tax-free basis if used for qualified medical
expenses. If there is money left in the account at year’s end the funds
will be rolled over into the next year. This will continue year after
year after year. Health Savings Accounts give you the opportunity to
save up for catastrophic medical expenses.
Health Savings Accounts are
available to virtually anyone. In order to qualify for a Health Savings
Account you have to be enrolled in a High Deductible Insurance Plan. The
other major stipulation is that you cannot be a Medicare recipient.
Health Savings Accounts and High Deductible can offer huge savings while
still providing ample coverage. Should a policy holder enroll in a
Medicare plan after participating in a Health Savings Account program,
the funds within that account would still be available to the
individual.
One other key factor in Health
Savings Accounts is that the funds used have to go toward qualified
medical expenses. A basic list include braces, over the counter drugs,
birth control pills, childbirth preparation classes, crutches,
psychological help, lasik surgery, etc.
For more information regarding Health Savings
Accounts and a full list of qualified medical expenses, please visit
www.irs.gov.
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