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The Basics of a Health Savings Account
As the cost of healthcare continues to rise, consumers are looking for ways to reduce their medical costs. While there aren't many answers out there, one increasingly popular option is to open health savings accounts or HSA. Health savings accounts are fairly new and an alternative to traditional health insurance. Health savings accounts are the fastest-growing trend in health care are provide an excellent option for self employed health insurance. Compare HSA's with health insurance quotes online.
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What are health savings accounts?
Health savings accounts (HSA's) are used to reduce the cost of medical expenses.
Here's how health savings plans work: Participants switch from paying a high monthly health insurance premium (with a low deductible and low co-pays) to a high deductible policy. A health savings account is then opened at a financial institution or bank, into which deposits are made.
Health savings plans cover smaller expenses (until the deductible is met), while the higher deductible takes care of any emergencies or larger medical expenses.
Moreover, deposits made into health savings accounts are 100 percent tax-deductible. The accounts have a triple tax benefit - the money goes in pre-tax, grows without tax and can be taken out without tax penalty to spend on health care.
How does a HSA benefit people looking for self employed health insurance?
It's a simple, efficient way to save money on your healthcare costs.
Deposits to health savings accounts are deductible from your taxable income whether you itemize your deductions on your income tax return or claim the standard deduction.
Health savings accounts provide more flexibility and control over how you handle your medical expenses.
Health savings plans also give you the freedom to choose your own physician, usually from a large PPO directory, as opposed to the restrictions of HMO-type plans.
What else should I know?
Any money that doesn't get used remains in the account and draws interest on a tax-favored basis. The money can go toward future medical expenses or retirement.
Eligibility for health savings accounts used to be much more limited, consisting primarily of individuals with self employed health insurance and people who work for businesses with 50 employees or less.
Eligibility expanded, however, in 2003 after President Bush signed new health savings account legislation into law.
Tips to keep mind when comparing health savings accounts ...
Although premiums are usually low, deductibles can be high.
Strict eligibility requirements apply.
Investing in a HSA is a good idea if you are looking for self employed health insurance.
Use the Internet to compare policies and request health insurance quotes online. Often costs for similar plans from different carriers will vary.
Remember that health savings accounts are pre-tax medical savings accounts paired with high-deductible health insurance that allow individuals to save for future medical expenses. These health savings plans are just one of several powerful health care deductions you can choose from if you are looking for self employed health insurance. As always, save money and compare plans by requesting health insurance quotes online.
