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November 10, 2011
Health Savings Accounts Offered By Bellco Credit Union
With millions of consumers worried about the rising cost of health care and how medical bills can make a huge impact on their wallet, Bellco Credit Union announced that they will offer Health Savings Account services to help consumers manage health care costs.
A Health Savings Account (HSA) provides a smart way to save for both day-to-day and future medical expenses. 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.
With HSA Plans, 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 HSA balance 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.
HSA plans have deductibles starting at $1,200 for individuals or $2,400 for families. If you just want to give this system a try, start with a deductible that you could easily manage if necessary, and later switch to a plan with a higher deductible after your HSA balance has grown. Here on our website, it's quick and easy to see rates for HSA insurance with different deductibles so you can conveniently shop whenever you're thinking about increasing the deductible.
Posted by Wiley Long at November 10, 2011 10:57 AM