What is are HSAs?
Health insurance is an item every person needs, especially if they have a family. Unfortunately, a lot people don’t have adequate medical benefits in cases of serious illness. Even with health insurance, it can cost thousands to properly care for you and your family. If this is the case, you might consider HSAs. But, just what is a Health Savings Account?
Health Savings Accounts are a way to help pay for current medical bills, as well as save for any future medical emergencies, and are tax free. They are set up to be used along with your current family health plans, as long as you have a “high deductible” policy. An individual must have a minimum deductible of $1100, or $2200 for families. And unlike a PPO, it is a true family deductible. No two-member maximum which can become really expensive if two-members come close but don’t hit the deductible.
For a family policy up to $5,950 can be contributed and for a single policy up to $3000 in 2009 . The best part about a health savings account is that you get to make the decision how to use the money and can even invest it in order to help it grow. Also, if you carry a normal low deductible policy, but drop that and replace it with a high deductible policy, your maximum contribution will be pro rated to however many months are left in that year.
It doesn’t matter of you are the head of the house or living alone, family insurance is a must. Now, there is help in making sure that you can cover any medical emergencies that may occur. You’ll also know how to answer the question, “What Is A Health Savings Account”?
For more information visit www.health-savings-plans.net
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