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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
Market rebounds, but workers have minimal savings (AP via Yahoo! News)
Tom Taormina is 65 and has no retirement savings.
Market rebounds, but workers have minimal savings (AP via Yahoo! Finance)
Tom Taormina is 65 and has no retirement savings. The Virginia City, Nev., business consultant said it's not for lack of trying. He and his wife, Midge, have tried to save and at one time invested in the stock market, but it's all been depleted.
Market rebounds, but workers have minimal savings (San Francisco Chronicle)
Tom Taormina is 65 and has no retirement savings. The Virginia City, Nev., business consultant said it's not for lack of trying. He and his wife, Midge, have tried to save and at one time invested in the stock market, but it's all been depleted. "We're... Stock market - Investing - Business - Stocks and Bonds - Equities
Health-care reform: Pass it now (St. Louis Beacon)
Posted 2:45 p.m. Tues., 03.09.10 - Preventing insurance companies from taking coverage away from people who get sick; creating small business pools to give individuals and small business owners access to the same lower prices big corporations get; letting young adults get coverage through their parents; allowing families and businesses to purchase health insurance across state lines; personal ...
Washinton View: Start over is not code for stonewalling health care reform (The Columbian)
President Obama and Democrats in Congress say that starting over on health care reform is akin to stonewalling. They are wrong, just as wrong as those who want to do nothing. The problem is there is too much testosterone flying around the nation’s capital and Americans are tired of the antics and political gamesmanship. It’s time to give them all an ice cold shower and send them back to work.
In Montco, Obama Presses Health Care Overhaul (KYW News Radio 1060)
At Arcadia University in Glenside, Pres. Obama took shots at his Republican critics, saying they did nothing about rising health care costs when they controlled Congress.
The NHS: how the health service can get back on its feet (Daily Telegraph)
James Gubb looks at the question of financing and at the crucial role of the PCTs in the future of health care.
National health insurance key to reshaping China's economy (Seattle Times)
The Chinese government is spending $125 billion to start a national health-insurance system, part of the nation's plan to broaden its economy, shifting toward domestic consumption and away from exports and investment.
U.S. Patients Overwhelmingly Endorse Transparent Health Care Pricing Service (PR Newswire via Yahoo! Finance)
PriceDoc.com, a free, transparent health care pricing service, today announced that patients have performed over one million searches for medical and dental procedures listed on the Web site.
Market Rebounds, but Workers Have Minimal Savings (ABC News)
Workers struggle to save for retirement, more report they have nothing set aside Retirement - United States - Law - Workers' Compensation - Pension
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