Health savings accounts
are becoming more popular these days. HAS’s or health savings accounts
are like Flexible Spending Accounts, FSA’s, and Health Reimbursement
Accounts, HRA’s. You can save money in a tax deductible account that can
be used to pay for health related expenses.
-
Investment
grows tax-free
-
Withdraw
money without paying tax for qualified medical bills
-
Roll-over
account balance at the end of the year, even if you change employers
The
law requires that Health Savings Accounts be combined with a high
deductible health insurance plan. Usually, this type of plan costs less
than traditional types of coverage because the insurance company doesn't
have to process and pay claims for any lower-cost medical expenses you may
incur.
Health Savings Accounts
can combine your high deductible insurance with a tax favoring saving
account. You must be covered by a qualified health plan and not
covered by Medicare.
After your
deductible is met this type of plan can cover up to 100% of the following:
-
Includes
Network or Non-Network Coverage
-
Deductible
Options
-
Coinsurance
Options
-
Physician
Office Visits
-
Outpatient
X-Ray
-
Preventive
Care
-
Mammography,
Pap Smear and PSA Testing
-
Inpatient
Hospital, Surgical Fees, Outpatient Surgery and Other
Inpatient/Outpatient Fees
-
Emergency
Room Fees
A Health Savings Account
requires an annual deductible of at least $1000 and an annual
out-of-pocket maximum of not more than $5000.
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