« AMA Retail Clinic Guidelines will benefit Health Savings Account owners | Main | More Opportunities Exist for Health Savings Accounts »
June 29, 2006
Long Term Care on your Health Savings Account
As more Americans realize they will be needing long term care insurance, they worry about paying for it on top of already-high health costs. "For millions, there's a simple answer," says Cameron Truesdell, CEO of LTC Financial Partners. "Just use some of the money that's already in your Health Savings Account."
Not everyone has a Health Savings Account, but more than three million do, up from one million in March 2005, according to a White House fact sheet (April 5, 2006). The number is projected to grow to 45 million by 2010.
"When it comes to financing LTC protection, your HSA is like found money," says Truesdell. "Hardly anyone knows this. We're spreading the word through our business partners and to consumers directly."
What if you don't have a Health Savings Account? Consider setting one up. Most Americans can participate. Those already covered by government health benefits -- through Medicare or Medicaid, for example -- are generally not eligible. You can open an HSA with a bank, credit union, insurance company, or other approved organization. Employers may also set up plans for their employees.
Should you set up an HSA just to pay for long term care insurance? "No," says Truesdell. "If LTC protection is your only objective, there are more direct funding methods. But if you're looking for more comprehensive health-care financing, the LTC factor can be a great trigger. It can motivate you to do a smart thing overall."
Learn more about all the advantages Health Savings Accounts offer.
Posted by Wiley Long at June 29, 2006 09:01 AM