Posted by: thesavinghabit | June 21, 2010

Have You Heard Of An (HSA)?

Are you healthy? Do you rarely visit the doctor and wonder why you are paying such high premiums? The reason I ask these questions is because many Americans may only go to the doctor a few times a year, but they pay super high premiums. Families pay an average of $3,300 per year on health coverage according to the US News in 2007. I’m not sure how much it is now, but I bet it’s much more than that.

A HSA is a (Health Savings Account), it’s an alternative to HMO’s and PPO’s. Most people don’t know about HSA’s because most insurance salespeople don’t offer them that much and I have no idea why. I feel when you’re selling a product, you should take time to ask the right question, so your customer ends up with the right product. By doing this, you end up with loyal customers as opposed to customers that don’t trust you. Give them the info they need to make an informed decision!

What are the benefits of an HSA? I’m so glad you asked

High Deductible Health Plan:

  • Costs less than more “traditional” copay plans.
  • Lower monthly premiums
  • Provides quality health insurance.
  • One calendar-year deductible per family.

HSA Savings:

  • Used to meet your deductible.
  • Tax deductible off of gross income.
  • Grow tax-deferred.
  • NEVER taxed when used for qualified medical expenses.
  • Rolls over year after year — no “use it or lose it”.
  • Portable, goes with you wherever you go.

HSA Savings can also be used for:

  • Health insurance premiums when you’re between jobs.
  • Qualified long-term care premiums.
  • Health premiums after age 65 (but NOT Medicare supplements).
  • Living expenses after age 65, pay ordinary income taxes.

One of the things I love most about the HSA is the part that allows me to open a health Savings account at my bank. That account is used to pay any medical bills up to my deductible. Also, the savings account grows tax free, but you must only use it for medical expenses. Ask your insurance broker to see if a HSA is right for you. It’s been great for my family and has saved us tons on monthly premiums.

Posted with permission from Leo at www.getadealdude.com

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