You might have heard about the Health Savings Account (HSA) when analyzing the list of insurance options your employer has available. It’s a recent thing and shows a lot of promise in allowing people to save up for the health costs that are almost always associated with aging and retirement. There are many benefits of a Health Savings Account. In fact, more and more applicants are jumping on the bandwagon - and for very good reasons, as you shall see below. In this article, we’ll go over the cover and benefits of HSA, and the ways in which you … [Read more...] about What Are the Benefits of a Health Savings Account?
Health Savings Account
A health savings account (HSA) is a tax deferred medical savings account available to individuals currently enrolled in a high deductible health insurance plan. There are many benefits of health savings accounts that you can take advantage of. The money contributed to the account is deposited pre-tax, and can be withdrawn tax free if used for qualified medical expenses. Withdrawals for non-medical related expenses are taxed very similar to an IRA, in that they can be withdrawn after a certain age without penalty. Main Benefits Of Health … [Read more...] about The Benefits Of Health Savings Accounts
A high deductible health insurance plan is just like what it sounds like. It is a health insurance plan that has a high deductible and is designed to provide for catastrophic coverage in case something happens to you. It is a viable option for people who are struggling to find health insurance at a reasonable price. How High Deductible Health Insurance Plans Work High deductible health insurance plans usually have lower premiums and higher deductibles than standard health insurance plans. Usually high deductible health insurance … [Read more...] about Benefits Of High Deductible Health Insurance Plans