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October 01, 2011
Health Savings Accounts Protect In Numerous Ways
Health Savings Accounts have the potential to not only allow investors to cover health-care costs with tax-free dollars, but to also help them build a retirement nest egg.
If you are under 65, you can open a Health Savings Account (HSA) as long as you have a high-deductible health insurance plan that's qualified to be combined with one of these special health savings accounts. You can even keep an HSA while you have another insurance policy, but you cannot have medical expenses paid by both an HSA and other insurance.
One of benefits of HSA Plans is that they offer a range of investment options similar to IRAs. You can invest in bonds, mutual funds or stocks and any earnings will be tax free. Of course, an interest-bearing savings account is also an option.
HSA Plans have high deductibles and so they may offer premiums that run about 30 to 40 percent lower than conventional co-pay plans, depending on your age. HSA-qualified Plans must also have a limit on your out-of-pocket expenses. Visit our site to see more details about how Health Savings Account Plans work, including how to select an HSA administrator.
Posted by Wiley Long at October 1, 2011 02:36 AM