Health Savings Accounts

If you are considering changing your health insurance policy, you should be aware of the alternative of a Health Savings Account (HCA).

Health Savings Accounts were available (and legal) in 2004, so that people with to place insurance with high deductibles aside tax-free money to fund medical expenses up to the maximum amount deductible.

If you do not use the resources, turns every year. Once you reach 65, you are no longer required for medical use, even though you can secure; You can withdraw money under the same conditions as a regular IRA.

Although they will be punished if you use the funds for non-medical expenses before age 65, you can
Money for vision care, alternative medicine, or treatment and dental care.

For 2008, an individual can finance up to $ 2900 tax free. The maximum deductible of $ 1100 and
maximum efficiency of the bag would be $ 5,600.

For a family, the maximum tax-free contribution $ 5.800 with a maximum deductible of $ 2200 and the maximum efficiency of the bag would be $ 11.200.

Health Savings Accounts are certainly a viable way to income while providing catastrophic safe harbor reporting in view of the high cost of low deductible health insurance.

For healthy people, it deserves some research. consult with your insurance agent for more information this approach for the management of insurance needs.