What Is A Health Savings Account & How Will It Benefit Me and My Family?


A
health savings accounts is like Roth IRA or your Company's 401k plan. Rather than giving your cash away to insurance company you get to keep more of it for yourself. A health saving account is health insurance mixed with savings account which work in an identical way to your retirement account. There are incredible advantages to having a health savings account as health plan.

 

First, all of the cash that you put in to your health saving account is a hundred percent tax deductible and it's your money that rolls over year after year. At the age of sixty five and up, if you haven't used up your health savings account cash you can roll it over into your retirement account. Second , your health insurance costs are going to get cut almost in half. The reason you save so much money with health savings account is because health savings account  don't cover anything till the deductible is met.

 

There are exceptions depending on your health insurance company. Some insurance firms will pay for your yearly physical before you meet your deductible. You can put money in to your health savings account for as much as your deductible.  You don't have to put any cash into that account if you don't wish to. Health saving accounts are as flexible as you would like them to be.

 

Buying Individual Health Coverage

 

 

Provided by Dennis Alexander

Text Box: Health Insurance Resources

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