Health Saving Accounts

Health savings accounts are special programs that allow you to deposit funds for future use of medical expenses incurred. The monies that you place in the account are allocated for health expenses and products. Many people value this planning tool so that they are never caught without cash to cover the cost of co-pays and prescriptions.

Health savings Accounts are available to individuals who do not have Medicare or another health plans. The amount of the "premium pass through" is based on whether you have an individual or family enrollment. You have the option to make tax-free contributions to your account, provided the total contributions do not exceed the limits established by law. You do need a high deductible qualifying plan to enroll in a HAS.

Features of an HAS include the following:

•  Tax-deductible deposits used for health insurance expenses

•  Tax-deferred interest earned on the account that varies per bank used

•  Carryover of used funds and interests year to year

•  Portability of your account that is owned by you and is yours to keep upon retirement.

Benefits of Health Savings Accounts

Taxes can take a big bite out of your earnings. You might be surprised to hear that you health savings account holds a pre-tax status. This means that the sum is withdrawn from your paycheck before tax rates are applied so you can save more.

Health savings accounts can take the big strain of paying for your family's healthcare. All sorts of expenses qualify as legitimate ways to spend these medically necessary funds. When you factor it out, enrolling in such programs can save you significant money over a longer period of time on the program

It is time for you to look into the details of health savings accounts. There are endless benefits that you might be missing if you don't make the effort to educate yourself. Healthcare is an issue that isn't going away so you need to prepare to it and the subsequent expenses that are inevitable. Please contact insurance professional if you have questions regarding HAS accounts.

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