Health insurance is an item everyone needs, especially if they have a family. Unfortunately, numerous people don’t have adequate medical insurance in cases of serious illness. Even with health insurance, it can cost hundreds of dollars to adequately care for you and your family. If this is the case, you might consider HSAs. But, just what is a Health Savings Account?
HSAs 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 health insurance savings 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 quite expensive if two-members come close but don’t hit the deductible.
In 2009, you can contribute a maximum of $3,000 to a health savings account on an individual policy, or $5,950 for a family policy. The best part about HSAs is that you get to make the decision how to spend the money and can even invest it in order to help it grow. In addition, 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.
Whether you’re living alone, or are the head of a family, family insurance is a must. Now, there is help in making sure that you can cover any medical bills that may occur. You can also answer the question, “What Is A Health Savings Account”?
For more information visit www.health-savings-plans.net
