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December 15, 2010
HSA Plans Are A Great Way To Save On Health Care
One big benefit with a health savings account (HSA) is that you own it completely. If you leave your job, all of the funds are yours to keep, and you never have to worry about not spending the whole balance before the year ends.
Unlike with flexible spending accounts, HSA funds roll over to the next year, and continue to earn tax-free interest. The HSA deposits you make are considered pre-tax contributions, which is a great money saver.
Use the balance in your health savings account any time you want for eligible health care expenses that your health insurance doesn't cover, including co-pays and lab tests.
You can access HSA funds with a debit card, which can be used anywhere that Visa and MasterCard are accepted. You'll also have checks on your HSA to use just like a checking account.
If you prefer, you may pay for health care services directly and reimburse yourself from your HSA. The type of access you have may depend on your employer, but you can set up an HSA even if you're unemployed. So if your employer offers HSA Plans as an option, seriously consider how it can save you a great deal of money throughout the year!
Posted by Wiley Long at December 15, 2010 11:17 AM