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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 Spending Accounts can help Canadians stretch their health care dollars (The Canadian Press via Yahoo! Canada News)
TORONTO - The health spending account may be one of the best-kept secrets when it comes to tax-free breaks.
N.J., Tenn. And Florida Battling Growing Medicaid Costs; Need For Health Care For Parolees In Calif. (Medical News Today)
Medicaid costs in many states are expanding deficits while lawmakers and the public struggle to keep up with the growth in health costs.NJBIZ reports, New Jersey's budget deficit has grown $170 million to $180 million because of Medicaid costs, according to a legislative budget officer. "Savings in the Medicaid program that were projected for this year have not materialized, according to David J ...
Health Savings Accounts Rise 30 Percent at Chase in 2009 (Business Wire via Yahoo! Finance)
NEW YORK----Chase today announced that its Health Savings Account business has grown by 30 percent over the last year, adding more than 115,000 accounts and $220 million in deposits.
Health Care: Rx for MBA Job-Hunting Blues (BusinessWeek)
Health care is one of the few bright spots in an otherwise dismal job picture and reform, if it happens, will make it brighter still
What to Do About Health Insurance in Tough Times (Marketwire)
Practical Choices for Meeting Your Health Care and Budget Needs
Sound Physicians, Inc. has Joined Averde Health Inc.’s Provider Network in Colorado (PRWeb via Yahoo! News)
Sound Physicians, Inc. has announced their decision to join Averde's growing health network in Denver, providing a simple healthcare solution for patients.
What to Do About Health Insurance in Tough Times (Marketwire via Yahoo! Finance)
MISSION, KS--(Marketwire - 02/08/10) - (Family Features) Preserving health insurance coverage is a continuing concern in today's economy. The lingering recession has cost millions of Americans their jobs -- and the health care benefits they have relied on. While COBRA coverage is a viable option for many workers and families losing their employer-sponsored coverage, it can be costly, even with ...
N.J. Gov. Christie, lawmakers propose sweeping pension, health care changes for public employees (The Star-Ledger)
Workers, retirees would contribute to health care costs
Credit-card system puts health-care payments on the front end of service (The Kalamazoo Gazette)
Prior to reserving a rental car or a room at a hotel, most customers have to secure their purchase with a credit card. Now at some area doctor's offices, they'll have to slide their card prior to receiving medical care.
Hard times leave some people high and dry (KATU Portland)
Lynette Nicks, 39, will be one of about 100 Redmond residents and several hundred Central Oregonians who lose their water service this month. Local water utilities have been shutting off dozens of water accounts each month as people struggle to pay bills.
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