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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
Health savings accounts are getting a closer look
Will a consumer-managed health plan really provide incentive for you to be healthier or more conscientious about what you pay for health care? It could. But with the ever-spiraling premiums of prepaid health care, that question might not matter going forward. read more
My HSA Rewards Announces Partnership with American Health Value
My HSA Rewards brings additional benefit to American Health Value HSA accountholders, allowing them to maximize their healthcare dollars by making deposits into their health savings accounts via rebates they receive by purchasing everyday products and services.Atlanta, GA (PRWEB) January 05, 2012 My HSA Rewards® a cash rewards program offered by Healthy Rebates, Inc., today announced a marketing ...
The Error-Proof Portfolio: The Do-It-Yourself Health Savings Account
Skyrocketing out-of-pocket costs call for creating a separate fund to defray these expenses.
HSE admits 33% salary savings on staff leaving
THE REPUBLIC’S largest public service employer, the Health Service Executive, has said it will make savings on average of only about 33 per cent on the salaries of each of its staff who leave before pension changes are introduced next month.
Patrick's $32B budget relies on new taxes, big savings, cutting jobs
Gov. Deval Patrick on Wednesday proposed a $32.3 billion annual state budget plan that calls for $730 million in new savings from government-funded health care programs and would eliminate 300 jobs, close a Norfolk prison with 330 inmates, and generate $260 million in new revenues, in part by raising the cigarette tax and taxing candy and soda sales.
How Credit Unions Support Community Development
In many ways, credit unions are just like regular banks. They offer checking and savings accounts, loans, credit cards, and all the other financial products you'd expect, but there's one characteristic ...
Georgia Drug Card provides prescription drug assistance
Georgia residents have access to a statewide discount prescription drug card program called Georgia Drug Card.
How Haiti is fighting poverty by killing cash
In Haiti, cash is escaping from wallets and savings accounts are breaking free from brick-and-mortar banks. Two years after 2010’s devastating earthquake, mobile money has taken off in the island nation.
Veterans groups push back against new health care fees
Of the $259 billion in savings the Pentagon is carving out of the next five defense budgets, just over 10 percent will come from future military pay and retiree health care, a top military leader said. Still, veterans groups argue that DOD is looking for savings in the wrong places.
Aetna HealthFund Consumer-Directed Plans Continue to Reduce Health Care Costs for Employers
Employers that replaced their traditional health benefits plans with Aetna HealthFund® consumer-directed plans saved $21.8 million over a five-year period for every 10,000 members, based on a recent study of Aetna health care claims and utilization.
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