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March 12, 2011
Health Savings Accounts Make The Most Of Your Savings
Combining a Health Savings Account (HSA) with a high-deductible health insurance plan can help you get lower premiums, pay less in income tax and build your own medical retirement fund. A number of benefits are available through an HSA and that's why they are becoming such a hot commodity.
Health Savings Accounts present tax advantages by reducing your taxable income and allowing you to earn tax-free interest. You can only start an HSA after you buy one of the high-deductible health insurance plans that are qualified to work with an HSA.
An HSA can be used to pay for qualified health care that's not typically covered by traditional health plans. You're allowed to deposit tax-deductible contributions and withdraw funds to pay for co-pay charges, chiropractic care, dental services, health-related travel expenses and prescriptions. That can give you more flexibility in choosing health care options. You can also use your HSA to cover health care for a loved one.
Prevention is another way to cut your health care costs. Invest in staying healthy to reduce the health care you'll need today and during retirement. You'll benefit from fewer doctors visits and hospital stays. Find out more about how to set up an Health Savings Account right on our website.
Posted by Wiley Long at March 12, 2011 11:16 AM