Fort
Collins, Colorado -- An estimated 2.6 million Americans lost their jobs in
2008 and thousands more are expected to lose their jobs in 2009. With
many Americans accustomed getting their healthcare coverage through their
jobs, millions now turn to alternative coverage options so they can continue
to have affordable healthcare. One of the most affordable and practical
health care coverage options is a Health
Savings Account (HSA), according to HSA for
America.
An
HSA is a tax-deductible
savings account that lets individuals set aside money to cover the cost of
their healthcare. Like with an IRA, individuals can invest the funds
from their HSAs into high interest rate mutual funds, stocks, money markets,
and more. The growth on those investments is tax-free and the money
can be used to pay for qualifying medical expenses, including dental expenses,
mental therapy, physical therapy, alternative treatments (such as acupuncture),
transportation and lodging related to medical expenses, and even non-prescription
medications.
"We're
finding an increase in interest for our HSA
plans," said Wiley Long, President of HSA for
America. "As Americans are losing their jobs, they are recognizing
that they still need to find a way to afford healthcare for themselves and
their families. An HSA is a great addition to a high-deductible insurance
plan, like a COBRA plan, because it gives individuals a tax deduction when
they set aside money for their healthcare. The money grows tax-free
in the savings account. Then, if they need the money for something else
down the road that is not related to their healthcare, they can still have
access to that money."
Moreover,
according to a recent survey by Information Strategies, Inc., 50% of individuals
on COBRA that also have an HSA
plan are using their HSA funds to pay for their high COBRA premiums each
month. Only 51 percent of survey respondents said they have actively
investigated HSAs as an alternative healthcare benefit. "We are hoping
that more laid-off workers take a look at HSA plans as a way to cut their
health insurance costs," said Long. "HSAs not only benefit individuals,
but they can also be used to cover healthcare costs for an entire family."
More
About HSA for America
HSA
for America offers a wide spectrum of Health Savings Account
programs for individuals, families, and businesses that help members save
up to 50 percent off of the cost of their health insurance. HSA for
America's HSA plans reduce insurance premiums, and allow members to save money
on qualifying medical expenses, including dental expenses, mental therapy,
physical therapy, alternative treatments, transportation and lodging related
to medical expenses, and non-prescription medications.
