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Key Points
Health Savings Accounts provide
comprehensive and supportive health insurance coverage, two words not
often used in conjunction with insurance. Health Savings Accounts are
providing optimal health insurance options in a consumer driven
environment. Increasing numbers of employees, employers and
self-employed individuals are demanding more freedom in their health
care decisions. The freedom to choose their own physician without the
restrictions of in-network guidelines gives great freedom of choice. The
flexibility to determine what steps to take in treatment like choosing
alternative therapy or seeking out a specialist in another state or
country is huge. Health Savings Accounts provide policy holders the
financial means and freedom to make informed personal decisions
regarding their health care. The fundamentals of a Health Savings
Account are as follows:
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In order to qualify for a
Health Savings Account you must first be enrolled in a High
Deductible Insurance Plan.
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If currently enrolled in
Medicare, you are not eligible to participate in a Health Savings
Account. However, if you are currently enrolled or soon will be
enrolled in a Health Savings Account and are not currently
participating in Medicare you are eligible for a Health Savings
Account and can use the funds accrued prior to enrollment in
Medicare.
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The money placed in your Health
Savings Account is yours. Regardless of who is contributing to your
Health Savings Account. You are the sole owner of the funds within
the account.
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A Health Savings Account can
move with you throughout career changes and into retirement.
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Should you not use all of the
funds within your Health Savings Account, the money will roll over
year after year after year.
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You have the options to spend
the money in your Health Savings Account anyway you like. If the
funds are used for anything other than qualified medical expense,
the funds are subject to taxation.
Health Savings
Accounts and High Deductible Insurance Plans integrate freedom,
flexibility, and custom care to those who participate. They serve as a
means to receiving comprehensive health care.
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