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The ABCs of HSAs
Many consumers may be confused by health savings accounts, high-deductible health insurance plans coupled with IRA-style savings accounts. In reality, they’re pretty simple and are getting more and more popular.
HSAs were developed to maximize your savings on health insurance while providing you with a valuable tax break.
Online health insurance agent eHealthInsurance recently released a report detailing the plan benefits for HSA-eligible health plans. The benefits provided are surprisingly rich. Here are some interesting facts from the report Health Savings Accounts: January 2005 – December 2005:
* Nearly 80 percent of the plans had 100 percent coverage, after the deductible, for X-rays/lab, hospitalization and surgery
* At least 83 percent of the plans had some type of prescription drug benefit
How does the tax savings work? If you make $40,000 a year, and you put $2,000 in your HSA, you’ll pay taxes only on $38,000.
If you’re looking for a way to maximize your tax savings while reaping the benefits of a quality health plan from a reputable insurance company, look no further than HSA-eligible health plans. As always, you should consult a tax advisor to make sure you’re getting the most savings possible.
Photo by carterjk.
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