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Health Savings vs.
Flexible Spending Accounts
Health Savings Accounts are
relatively new in the insurance market. Increasing in popularity, Health
Savings Accounts provide its policy holders with comprehensive coverage,
increased flexibility, and freedom to choose treatment options without
limited funding and limited mobility. Health Savings Accounts allow
individuals the opportunity to seek out virtually any type of health
care and health care provider with little to no restrictions. Under more
traditional insurance policies a referral process is necessary as well
as staying within your network. Similar to Flexible Spending Accounts,
Health Savings Accounts match the benefits provided through Flexible
Spending Accounts and then some.
It is safe to say that there are
many similarities between Flexible Spending Accounts and Health Savings
Accounts. Health Savings Accounts are bigger and better. Developed in
response to health care reform and the need for increased accessibility
and affordability, Health Savings Accounts have made health insurance
attainable for thousands of Americans.
When comparing Flexible Spending
Accounts and Health Savings Accounts you will find that Health Savings
Accounts, first and foremost, allow the policy holder to participate in
a greater number of qualified medical expenditures. Flexible Spending
Accounts are limited in the type of services one can receive. Unlike
Flexible Spending Accounts, Health Savings Accounts will cover the
following:
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Travel expenses, meals and
lodging while away from home for medical treatment.
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Over the counter medications
including vitamins and cold medicine
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Preventive health measures such
as smoking cessation classes and diabetic teaching.
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Therapies such as holistic and
alternative therapies.
With
a Health Savings Account the funds placed into your account will be
rolled over year after year. With a Flexible Spending Account there is a
use it or lose it policy. Health Savings Accounts strive to provide the
consumer with above and beyond health insurance. The policy holder who
participated in a Health Savings Account has complete control over the
funds deposited into the account as well as the type of services they
seek to use.
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