Explaining HSAs
Health insurance is an item everyone needs, especially if they have a family. Unfortunately, numerous people don’t have adequate medical benefits in cases of serious illness. Even with health insurance, it can cost hundreds of dollars to properly care for you and your family. If this is the case, you might consider health savings accounts. But, just what is a Health Savings Account?
HSAs are a way to help pay for current medical costs, as well as save for any future medical expenses, and are tax free. They are set up to be used along with your current health insurance savings plans, as long as you have a “high deductible” policy. An individual must have a minimum deductible of $1100, or $2200 for families. And unlike a PPO, it is a true family deductible. No two-member maximum which can become quite expensive if two-members come close but don't hit the deductible.
For a family policy up to $5,950 can be contributed and for a single policy up to $3000 in 2009 . The best part about an HSA is that you get to make the decision how to spend the money and can even invest it in order to help it grow. Also, if you carry a normal low deductible policy, but drop that and replace it with a high deductible policy, your maximum contribution will be pro rated to however many months are remaining in that year.
It doesn't matter of you are the head of the house or living alone, health insurance is a must. Now, there is help in making sure that you can cover any medical emergencies that may arrive. You’ll also know how to answer the question, “What Is A Health Savings Account”?
For more information visit www.health-savings-plans.net
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