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August 09, 2011
Health Savings Accounts And What The Affordable Care Act Means For Them
Over the last few years, the Affordable Care Act has dominated the headlines. There has been much optimism about what healthcare reform can do to make health insurance and health care more affordable. Health care reform has included some changes to Health Savings Accounts and the health plans that work with them.
Consumers can no longer use their Health Savings Account (HSA) funds to pay for over-the-counter medication unless they can get a prescription from their doctor. In addition, the penalty for using your HSA for non-medical expenses has increased from 10 to 20 percent of the amount spent.
Despite these changes in Health Savings Accounts, many see HSA plans as a tool to encourage us to take a greater interest in managing the cost of our health care. HSA plans are intended to provide consumers with a high-deductible, low-premium coverage option along with the ability to save for health care expenses with earnings that are not subject to taxation.
To help you decide whether these special HSA plans can save you money, we've put together information about how you can spend your HSA funds, how simple it is to lower your taxable income with a Health Savings Account and much more. Check it out and give us a call if you have questions or would like help comparing your options.
Posted by Wiley Long at August 9, 2011 08:03 AM