| |
A Health
Savings Account (HSA),
also known as a Medical Savings
Account, is a tax-favored savings account combined with a qualifying high
deductible health insurance plan. By allowing you to deposit tax-deductible
funds into an account that you can use to cover medical costs, HSAs enable you
to take control of your own health care decisions. One of the key aspects
to health savings accounts is a system that is responsive primarily to individual
consumers, rather than to third-party payers. This concept is known as consumer
driven health care.First
you must have a high
deductible health insurance plan that qualifies to be partnered with an HSA.
A HSA health plan is available
through various insurance companies, depending in what part of the country you
live. The plans are all similar in the fact that they have deductibles between
$1,200 and $5,950 for singles, and between $2,400 and $11,900
for families. Once
your insurance policy has become effective, you may fund your Medical
Savings Account.A
Health Savings Account
can help you save money on both your insurance premiums, and your income taxes.
Because Health Savings Accounts must be paired with a high-deductible health insurance
plan (HDHP),
your health insurance premiums are normally much lower than a typical plan that
has a $500 deductible. And there is no other investment that offers
a tax deduction today along with a tax-deductible withdrawal tomorrow. The
savings from the lower premiums of an HSA along with the tax deductions could
be $5,000 or more every year.Health
Savings Accounts in the News
Maryland Sees Savings In Federal Health Law, For A While At Least
Maryland could spend $829 million less than expected on health care between next year and 2020 because of the federal health overhaul law, according to an analysis by a state-convened committee, The Associated Press/Washington Post reports. "The savings, however, last only until the end of the decade, when the federal law shifts a greater share of financial responsibility for Medicaid expansion ...
SeeChange Health's New Value-Based Insurance with Health Savings Accounts Enriches Benefits and Reduces Costs
SAN FRANCISCO----SeeChange Health Insurance Company, a provider of value-based health insurance plans to employers, will offer a variety of Health Savings Account products in parts of California beginning August 1, 2010.
Rooney pushes bill for Catastrophe Savings Accounts
Federal lawmakers are once again going to be asked to allow homeowners to put aside money for the financial impact of a major catastrophe, such as a hurricane, earthquake or something man does.
SeeChange Health Insurance to offer value-based HSA products to California employers
SeeChange Health Insurance Company, a provider of value-based health insurance plans to employers, will offer a variety of Health Savings Account products in parts of California beginning August 1, 2010. The product launch will make SeeChange Health the first insurance company to offer value-based HSA products to California employers.
PSU employees to pay more for health care
Penn State will ask employees to pick up more of their health care bill as part of the university&#x
Free universal health services should not be spared cuts - report
NO public services should be protected against the prospect of looming cuts in spending, a report recommended today.
Unions condemn outlay on interim chief
Dorset trust's £2,500-a-day outlay on temporary CEO branded 'absolutely outrageous' by health workers' unions Health workers' unions expressed anger today after it emerged that a temporary chief executive had cost a struggling hospital trust more than £2,500 a day, plus almost £20,000 in expenses. Dorset County Hospital NHS Foundation Trust accepted that the money they spent on Derek Smith and ...
County renews contract with employee clinic
A new employee health clinic hasn't generated the huge savings the Allen County commissioners had hoped for, but it has helped reduce health benefit costs.
Scottish review warns of job cuts
Up to 60,000 people working in the public sector in Scotland could lose their jobs, according to an independent review commissioned by ministers.
Editorial Roundup: Excerpts From Recent Editorials
Excerpts from recent editorials in newspapers in the United States and abroad:
|
|
|
