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Health Savings Account: knowing the basics
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Some people that health is wealth. This is the reason that a lot of Americans purchase insurance plans for personal and family use. Unfortunately, people who enroll in such programs can only use it under certain conditions. Some will also only allow the person to get the money back after a few years.
There is a better way take care both for the person and earn money at the same time. This is called the health savings account which can be opened by the person or by the employer.
Health savings account work on two factors.
The first is that it serves as an interest bearing savings account where one can put up to a maximum of $1,000 individually or $2,000 for the family which is tax deductible and can be rolled after year after year.
If the person has not used all the money for the year, this can be used again for expenses in the following year.
Second, withdrawals made are tax free as long as these are used for healthcare purposes. The person can use this to for other expenses but will have to pay 10% tax for this.
When people are first informed about a health saving account, the usual question will be what are the benefits?
· Since the deposits made deductible and the withdrawals are tax free, not a single cent will go to Uncle Sam.
· If the person starts putting in money and doesn't withdraw this until the age of 65, the member can already use this for whatever purpose tax free.
· The price of premiums for a health savings account is more affordable than any insurance plan available in the market.
· The best part is that the health savings account stays with the person regardless of the number of times the member changed career or jobs.
However, health savings account just like other insurance plans have certain inadequacies.
· The purpose of the health savings account is to make money grow. Although anyone can enroll in this program regardless of age, those that require a lot of medication won't be able to accumulate a lot if this is used very often that those who rarely use it.
· In order for the person to get a health savings account, the candidate must first get a high deductible health plan. If the company sees that the individual is a health risk, then the chances of availing of the program are very slim.
· People who withdraw money tax free have to pay certain fees that could be transactional, or administrative. Some even have service charges that will make the person spend more instead of saving.
There are differences between a health savings account and an insurance plan. For one, the coverage is not very detailed. Should something happen, it is the responsibility of the member to monitor the expenses which was the responsibility before of the insurance firm.
The health savings account does not replace insurance plans. This basically covers other things that the other one does not such as paying for medicines purchased over the counter or going to dentist for an appointment.
There are a lot of people now who have availed of a health savings account. The person can be content with the insurance plan one has or make some money by enrolling in this new plan.
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