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August 29, 2011
Is An HSA The Right Choice For You?
As employers are looking for ways to battle increasing health care costs, more and more are leaning towards the popular Health Savings Accounts. Since the inception of Health Savings Accounts in 2004, consumers have been drawn to them. In part, this is because they allow consumers to get tax deductions for savings for health care costs.
To set up a Health Savings Account, you need a high-deductible health plan that's qualified to work with a Health Savings Account (HSA). Any money left in your HSA at the end of the year rolls over every year unlike when you have money in a flexible spending account.
According to Nick Calabrese, the vice president of consumers and product management of CIGNA, HSA Plans are becoming more popular because they help manage costs without sacrificing health care. That's never been more true than after health care reform.
An HSA Plan purchased now will cover preventive health care before the deductible is met. Calabrese added that opting for an HSA is a matter of personal choice. It's important to evaluate how much your out-of-pocket expense will be with each HSA Plan you consider. You can find out more about these plans with our educational online resources.
Posted by Wiley Long at August 29, 2011 04:20 AM