Fort
Collins, CO (PRWEB) May 15, 2009 -- As the cost of health care rises across
the country, many individuals are wondering just how their anticipated health
care expenses will impact their ability to retire. According to a recent
study, individuals retiring at the age of 65 will need to have at least $240,000
saved in order to pay for their health care expenses during retirement alone,
leaving many individuals to wonder whether or not retirement is truly an option.
"Health savings accounts
are become a necessity for retirement,' said WIley Long, President of HSA
for America.
"The
results of these recent studies indicate that individuals will need to make
some real choices about their retirement and spending," said Wiley Long, President
of HSA for America. "Currently,
the typical retirement age is 65 years old. However, if an individual
can't afford to pay for health care, then the individual may have to either
put off retirement or be unable to pay for their health care. Either
way, we're finding that our customers are growing increasingly concerned about
their ability to obtain and pay for health care expenses, especially as they
approach retirement."
To
save for these inevitable expenses during retirement, many people are setting
up Health Savings Accounts. "An HSA allows you to put aside pre-tax
dollars to cover future medical expenses," explained Long. "The money
grows tax-deferred like an IRA, but is never taxed if used to pay medical
bills."
Health
savings accounts, or HSAs, can be established by anyone who has a qualifying
high-deductible health plan. These HSA
plans are designed to help make healthcare affordable through a combination
of the low premiums that come with a high-deductible health insurance plan,
and the tax savings from putting money aside in the HSA.
That money can then be used to pay future medical expenses, tax-free.
"We
specialize in helping our clients find the perfect long-term arrangement for
their health care needs," said Long. "HSA plans are often the most affordable
and effective health care plan solutions for many of our customers, but a
full needs analysis of each individual's situation is always necessary to
ensure that our customers get the best possible plan."
Many
people are funding their HSAs
with the hope that they will stay healthy, and not need to withdraw the money.
"Because the money grows tax-deferred, you can think of it as an additional
retirement account", said Long. If money is later needed to pay a medical
expense during retirement, that money can be withdrawn from the HSA tax-free.
More
About HSA for America
HSA for America offers a wide spectrum
of health insurance and Health Savings Account (HSA) programs for individuals,
families, and businesses. Their online quoting platform lets website
visitors compare rates on numerous plans, and apply for coverage right online.
