Why Start A Health Savings Account?
• Higher premiums paid for regular health insurance policies go to waste if you do not have any medical bills in a given year. But the money in your HSA can be used in subsequent years too. • All earnings on the account are tax free. The deposits made into the account and the premiums paid for the high deductible health policy are also tax deductible. This can reduce your tax bill considerably. • You can use the HSA money to get medical assistance from the doctor of your choice and not just doctors that your policy allows. • An HSA is a great way to save money and not just for medical expenses. You can put excess money into it and watch it grow tax free for many years. And after the age of 65, the saved money can be used for any kind of expenses. So, a health savings account can serve as a health account and a retirement account. Health savings accounts can make affordable health insurance available to many different people.
