technology · September 2006
America's New Health Savings Plan
Currently, Health Savings Accounts are taking the country by storm with accounts totaling almost $1 billion dollars. And many wise Americans are already benefiting from the resulting tax savings and lower health insurance premiums.
Currently, Health Savings Accounts are taking the country by storm with accounts totaling almost $1 billion dollars. And many wise Americans are already benefiting from the resulting tax savings and lower health insurance premiums.
- Save tax dollars
- Save on health insurance premiums
- Money grows with interest until you need to pay for medical expenses
- Plus you now have control of how your healthcare dollar is spent
- Health insurance plan deductibles, co-payments and coinsurance
- Prescription and over-the-counter drugs
- Dental services, including braces, bridges, and crowns
- Vision care, including glasses and Lasik eye surgery
- Psychiatric and certain psychological treatments
- Long-term care expenses
- Medically-related transportation and lodging
- Health insurance premiums if you are receiving federal or state unemployment benefits
- Premiums for COBRA qualified health insurance
- Long-term care insurance premiums
- Premiums for a health plan (other than a Medicare supplemental policy) for an individual age 65 or older)
- Interest-bearing account
- CDs
- Money market funds
- Mutual funds