| A Health Savings Account, or HSA, is a
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| | - Taxes. It may not sound like much, but
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| good way to put away money (tax free!) to
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| | you can save thousands on taxes over time
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| use for your health expenses. If you have
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| | using an HSA and high deductible health
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| a high-deductible plan with a health
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| | insurance plan. The tax deferment is one
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| insurance company, you may qualify for an
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| | of the big bonuses of the plan.
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| HSA.
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| | Each state has a maximum yearly
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| It works much like an IRA. You pay money
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| | contribution. This is usually something
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| into the account and it is tax-deferred.
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| | like $3,000 for individuals or $5,000 for
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| The money can only be used to pay for
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| | families. There is no minimum
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| medical expenses. At the end of each
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| | contribution.
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| year, the money in your HSA rolls over
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| | Eligibility
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| into the next year, so it's always there
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| | First off, you have to have a high
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| for you to use in the future.
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| | deductible plan with your regular health
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| How Do I Get One?
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| | insurance company. It can be with any
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| According to the law, you must have a
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| | kind of health plan, as long as the
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| high-deductible plan with a health
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| | deductibles are considered high. Talk to
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| insurance company. This is a good deal
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| | your health insurance company for details
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| because high deductible plans are cheaper
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| | on what is considered a "high
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| than those with low deductibles. With a
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| | deductible."
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| high deductible plan, you will be paying
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| | This differs from area to area, but in
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| more out of pocket, and your insurance
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| | general, over $1,000 for an individual or
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| company saves money by not having to
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| | over $2,000 for families is considered a
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| process those claims.
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| | high deductible. This is the very least;
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| Usually, you would be paying a lot
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| | some states require higher deductibles
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| whenever you go to the doctor or need
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| | for eligibility to join an HSA.
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| medical treatment. The deductible is the
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| | You will have to notify the HSA company
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| part of your medical bills that you pay,
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| | about your pre-existing conditions and
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| not the insurance company. An HSA gives
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| | apply just like you do with a regular
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| you a tax-free way to pay those
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| | health plan. If you have a pre-existing
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| deductibles and save money on your
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| | condition or other health risks, this
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| insurance.
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| | will delay the processing of your
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| How You Save Money
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| | application. They can also refuse your
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| With an HSA you save money on...
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| | application. It works in the same way as
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| - Premiums. High deductible health
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| | regular health insurance does.
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| insurance plans have lower premiums, so
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| | A high deductible insurance policy from
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| you will be paying less per month.
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| | your health insurance company, coupled
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| - Out of pocket expenses. As mentioned
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| | with a Health Savings Account, can save
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| before, an HSA helps take the sting out
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| | youmoney every year on taxes. And, it's
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| of those high deductibles you will have
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| | an easy, convenient way to pay for your
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| to pay when you do see a doctor.
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| | health care needs.
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