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January 19, 2011
Can A Health Savings Account Work For You?
When you're shopping for health insurance, a health savings account (HSA) offers several advantages that can save you more than typical plans.
There are two big benefits to HSA Plans. Since a Health Savings Account is combined with high-deductible health insurance, you can get lower premiums than with plans that have low deductibles. You can also grow your Health Savings Account balance in a tax-free way.
While you're building your savings with an HSA, you can accumulate the cash to pay for a high deductible if necessary, and the reduced premiums will help.
If you don't have to use your HSA to meet the deductible on your health insurance, this cash can grow tax free to be used for retirement. All the cash in your HSA when you turn 65 is yours to use as you see fit just like IRA funds.
To get both of these advantages, simply use a reputable insurance agent to sign up for an HSA-compatible health insurance plan and choose a financial institution to administer your HSA. Find out more about the benefits of HSA Plans on our website.
Posted by Wiley Long at January 19, 2011 10:10 AM