(PRWEB)
May 17, 2006 -- HSA for America, the nation’s leading broker for individual
and family health insurance plans that qualify to work with Health Savings
Accounts (HSAs), has just released a comprehensive report on HSAs entitled
“The Complete Consumer’s Guide to HSAs.”
Health
Savings Accounts enable people with qualifying
high-deductible health insurance plans to set aside money in a tax-favored
account, which grows tax-deferred and can be used tax-free to pay for future
medical expenses. “There seems to be a large lack of understanding
about how HSAs work, even among bankers, insurance agents, CPAs and other
financial advisors”, says Wiley Long, President of HSA
for America. “We put together this report to
help people understand how they can use an HSA to lower their taxes and their
health insurance premiums, and at the same time build a second retirement
account.”
“Because
an HSA is the only
investment tool that gives you a tax-deduction now, along with tax-free withdrawals
later, it is actually the first retirement vehicle you should fund”,
added Long. “Medical bills will be a large expense for the typical
retiree. By establishing a fund now that can be used to pay for future
medical expenses, one can make their retirement dollars go much further.”
Mr.
Long points out many people don’t realize all the benefits an HSA
plan offers. “You can take money out of your HSA tax-free
to cover medical expenses that wouldn’t normally be covered by a health
insurance plan.” Examples of expenses that can be paid for from an HSA
include alternative medical treatments such as homeopathy, household medical
expenses like aspirin or cough syrup, eye exams and dental treatment.
The
report, available at no charge from HSA for
America, includes strategies for maximizing tax deductions and
fund growth, information on record-keeping requirements, and instructions
on how to choose the right insurance plan.
Also
included is information on choosing an HSA
administrator. “When you purchase an HSA-qualified health
insurance plan, most insurance companies also help you set up your HSA.
But there are many banks and institutions offering health savings accounts
with lower fees and more investment options than the HSA available through
the health insurance company”, says Long.
About
HSA for America:
HSA
for America is an online health insurance broker specializing
in Health Savings Accounts.
Our Mission is to find individuals and families the best coverage available
to meet their needs at the lowest price the market offers, while at the same
time making the process easy.
