Consider Using a Health Savings Account With Your Medical Plan
Health savings accounts are financial accounts that you can own and use, if you have a health insurance plan that is classified by the Internal Revenue Service as a "Qualified High Deductible Health Plan." You will find that many catastrophic-type plans are likely to be "qualified" for use with an HSA.
The big advantage of owning a health savings account is that you can deposit money into the account pre-tax. When you need medical care, you can use the balance in your health savings account to pay for your medical expenses, tax free. Check the IRS's website for a complete list of medical expenses you can pay for out of your HSA.
Another great feature of the HSA is, if you have a balance when you retire, you can use the balance in your account to supplement your retirement income. You just pay taxes on it when you take it out. Or, you can use it to pay for long term care premiums and some Medicare related products. Best of all you save on your health insurance premium because you chose a high deductible health plan. On top of that, you pay less in taxes and you own another potential retirement vehicle. If you own or buy a high deductible health plan, make sure it's a plan that's "qualified" by the IRS.
Save money on health insurance by switching to a plan that allows you to take advantage of an HSA!
To find out about plans in your state that are qualified to use with health savings accounts, contact a local agent by completing this short and easy form.
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