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February 24, 2010
Health Savings Accounts Can Lower Insurance Premiums
Health Savings Accounts offer tax deductions for medical expenses, but lower monthly premiums for health insurance may be the greatest advantage Health Savings Accounts offer. Premiums for group health insurance rose 9.6 percent last year, and more than 10 percent for each of the previous six years. Premiums for individual plans went up even more, while insurance premiums associated with Health Savings Accounts only rose a mere 3.4 percent last year. In fact, average premiums for High Deductible Health Insurance associated with a Health Savings Account (HSA) for individuals actually dropped 19.5 percent during the past two years.
Every time you fund your Health Savings Account (HSA), you get an instant tax-deduction, and your HSA earns tax-free interest. Once you have enough in your HSA to cover smaller medical expenses, you can buy High Deductible Health Insurance that has lower monthly premiums than most other types of health insurance. Put the money you save on premiums each month into your HSA, and you get to keep the money instead of an insurance company when you don’t have medical expenses. That’s why it’s called a Health Savings Account.
To take advantage of these Health Savings Account benefits, you need High Deductible Health Insurance that works with an HSA. These high-deductible HSA plans typically have deductibles between $1,200 and $5,950 for individuals, or $2,400 and $11,900 for families. Best of all, High Deductible Health Insurance usually has lower monthly premiums.
It’s easy to compare HSA plans and apply online, but our experts who have worked with these plans for years are also available to help you compare plans. When you call us at 866-749-2039, one of our HSA advisors can answer your questions, and help you select the best HSA options for your situation. The sooner you act, the more you'll save.
Posted by Wiley Long at February 24, 2010 08:36 AM