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July 08, 2011
See How A Health Savings Account Can Save You Money
With the rising cost of health care services, Americans spend thousands of dollars every year to pay for monthly premiums and still have out-of-pocket expenses for health care. Many people are switching from co-pay plans to high-deductible health insurance to get lower premiums, but they may not realize they could save even more with a Health Savings Account (HSA) plan.
If you are in a high tax bracket, you can definitely benefit from an HSA plan. You can lower your annual federal taxes and even your state income taxes in almost any state. You don't even need to itemize deductions because your HSA contributions are considered "above the line" deductions and you can get a deduction for your entire HSA contribution. If you don't need it for health care, it will earn tax-free interest and grow like an IRA.
You can use your Health Savings Account to pay for qualified medical expenses, ranging from acupuncture to your childrens' dental care. You also have a range of options so you can invest your HSA funds in with as little or as much risk as you're comfortable. Investments range from interest-bearing savings accounts to stocks.
To see whether an HSA will save you money, learn more about the choices available with the online resources on our website. As the leading online experts specializing in Health Savings Accounts, we have compiled suggestions and information to help you choose an HSA administrator, select your qualified HSA health insurance plan and get discounts on health care you might need to cover, such as lab tests and prescriptions. We even show you how to get low-cost prescriptions from other countries at a fraction of the U.S. retail price.
Posted by Wiley Long at July 8, 2011 11:16 AM