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June 02, 2008
What Can A Health Savings Account Do For Your Family
Giving your family health insurance a checkup is a smart way to save money. That’s the news from analysts who say that in many cases, switching from a traditional family health insurance plan to a high deductible plan with a Health Savings Account will significantly cut your annual health insurance costs.
Indeed, for many families with yearly medical expenses of about $1,500, the total savings often exceed $6,000 a year, which includes tax reductions of $1,500 or more, as well as health insurance premium savings. Lets take a closer look at Health Savings Accounts:
Simply put, Health Savings Accounts are alternatives to traditional health insurance that offer tax advantages and greater control over a person’s medical expenses. With a Health Savings Account (HSA), you can pay for current health expenses (and save for future qualified medical) all on a tax-free basis. Our Web site www.HSAforAmerica.com provides detailed information on the accounts.
Our website also features an HSA calculator that lets users determine the potential future value of their HSA based on their expected contributions and expenses.
Using a Health Savings Account
You can choose to use HSA funds to pay for qualified medical expenses (for example, office visits, lab work and prescription drugs) before you have met your annual deductible. These covered expenses will still count toward your annual deductible. But HSA funds can also be used for qualified services not covered by a health plan, such as dental care, weight loss programs and eyeglasses. These expenses, however, do not count toward your annual deductible.
Opening Your Health Savings Account
To open an HSA, you must be covered by a High Deductible Health Plan (HDHP). Once you’re enrolled, you own and have complete control over the money in your HSA, meaning you decide how and where to invest it to grow your account. Find a good bank to set up your Health Savings Account on our HSA Administrator page.
Health Savings Accounts will help families save thousands of dollars on their health insurance costs.
Posted by Wiley Long at June 2, 2008 09:16 PM
Comments
After reading information on this blog, it seems like a good idea to have a Health Savings Account. Can a person have this account along with active Medical Insurance (though limited in coverage in benefits?).
Be well.
Posted by: Alisa at June 18, 2008 01:52 PM
Hi Alisa,
You must have an HSA-qualified health insurance plan in order to open a Health Savings Account. You can find instant quotes on these types of plans on our website: http://www.Health--Savings--Accounts.com
Thanks,
Wiley
Posted by: Wiley Long at June 19, 2008 02:46 PM