« Are Health Savings Accounts Better than Flexible Spending Accounts? | Main | How a Health Savings Account Can Help to Protect Your Finances »
January 27, 2010
Why Enroll in a Health Savings Account?
To Protect Your Health and Wealth!
Many Americans are struggling to keep up with the high cost of healthcare. Not only are health insurance premiums skyrocketing, but many employers are reducing their employee benefit (or even cutting healthcare coverage altogether) in an effort to reduce their costs. Moreover, many healthcare services are not even covered at all by health insurance plans, even when health insurance plan members pay for their insurance.
So how can Americans protect themselves, their wallets, and their healthcare?
One of the most effective and long-lasting healthcare solutions for many Americans is a Health Savings Account – a tax-deductible savings account into which participants can deposit funds that are earmarked to pay for their healthcare expenses.
Getting sick is a normal occurrence in today’s society. Whether you, a friend, or relatively develops a simple cold or something more serious, such as cancer, all illnesses need to be addressed in some way. Often, illnesses can lead to large medical bills, in addition to time away from work and family.
However, the current health insurance model tends to be focused on treating illnesses rather than illness prevention, even with illnesses being as common as they are in this country. You may have already noticed that health insurance plans generally covers drug, surgeries, hospital stays, diagnostic tests and a variety of other health care services.
But just how much wellness and disease prevention do most healthcare plans cover? Not many insurance plans cover nutritional counseling, heavy metal detoxification, acupuncture, yoga, chelation therapy or other preventive services? The question remains: with so much focus on treating illness rather than preventing it, how can Americans get the health insurance support they need to stay healthy – without having to pay a lot of money for preventative services out-of-pocket?
A Health Savings Account is one of the best illness prevention health insurance tools that Americans can use to prevent the onset of illness and to stay healthy. In fact, Health Savings Accounts are becoming so popular that many individuals and families are dropping their current health insurance coverage plans in order to enroll in HSA plans. And, in doing so, they are often able to save a significant amount of money each year – up to thousands of dollars!
A Health Savings Account is a tax-deductible savings account that acts like an IRA. Along with the Health Savings Account, participants enroll in high-deductible health insurance accounts that have low monthly premiums. Members use the funds from their Health Savings Accounts to pay for their medical expenses, including preventative medical services and other qualifying health care items.
With Health Savings Accounts, participants are able to have more control over where they spend their healthcare dollars. Moreover, because Health Savings Accounts act like IRAs, participants can place the funds from their Health Savings Accounts into high interest-yielding savings accounts, like stocks, bonds, and otherwise. These high-interest yielding investments can help them grow their wealth and savings while setting aside money to use for future healthcare expenses.
With the launch of the Health Savings Account program, Americans can now have more control over their healthcare expenditures and have a better time controlling their health and wellness activities. Contact us today for more information about Health Savings Accounts and how they might help your family save money and get better healthcare coverage for your specific healthcare needs.
Posted by Wiley Long at January 27, 2010 01:37 PM