A healthy way of Health Insurance? Health Savings Accounts
Image Source: www.guaranteed-issue-health-insurance.com
A health savings account is a form of medical savings account that
allows you to save money to pay for existing and future medical
expenses on a tax-free basis. In order to be qualified for a health
savings account, you must be enclosed by a high-deductible plan,
not have any other health insurance, and not
be claimed as a dependent on someone else’s tax return.
You can use this account to pay for your competent health expenses,
including expenses that the plan generally doesn’t cover, such as
spectacles and hearing aids. Expenses paid out of the HSA that are
eligible expenses under your high-deductible health plan will add up
towards the plan’s deductible.
During the year, you can make charitable contributions to your
health savings account using before-tax dollars. In some cases,
employers may set of connections and help fund health savings accounts for their employees.
August 19 2008 | General Info and Tips | Comments Off