High deductible health savings account is a great option for all those who do not wish to have the age-old, or traditional health insurance but still wish to pay for health care facilities availed in a different and easy way. The most important advantage of such an account is that you can save a lot of tax by opting for it. There are many people in the financial services and medical field who advise on how to choose such plans. Here's detailed information on opting for such an account.
Advantages
Health savings account is a unique way of saving for your medical expenses, if you are a United States tax payer and have enrolled for the high deductible health insurance plan. This means that, to get the benefits of the health saving accounts, it is mandatory to open a high deductible health plan in your name. Now, if you go by the recent numbers, you will find that the minimum deductible for your high deductible health plan is just around $1000 for an individual coverage, and just a little more than $2000 for total family coverage. A high deductible health savings plan can be useful to lower your health insurance premium by anywhere between forty to fifty percent which is simply great, considering the amount of money you would be saving. Once a high deductible health savings account is opened, you do not have to pay any tax on the amount received, in the form of interest or any other form of earnings. At times, it has been observed that the insurance premium paid in normal health insurance plans is almost double than that paid in the high deductible health plan. The other common name given to the high deductible health plans is consumer driven insurance. You need to study the insurance plans carefully to choose the best one for you and your family.
At this point of time, we all should be aware of what the eligibility criteria for qualifying for health savings account is. You all must be aware of the Medicare program for insurance of people. So, if you have enrolled for the Medicare program, then you will not be eligible for this account. These accounts could be ideal for people with high incomes looking to save a lot of money on taxes. The target customers for institutions who have introduced such insurance programs would be those utilizing health care services the least.
Till now, we have discussed Health Savings Account (HSA) which you can have after you have a high deductible health plan. However, you need to understand that a Health Reimbursement Account (HRA) can also be formed with the help of a high deductible health insurance plan. Under the health reimbursement account scheme, the advantage or benefit to employers is that they will have to pay much lesser premiums and that the funds which will be reimbursed will not have the burden of social security tax. The employer payroll taxes also, are not applicable for this kind of account. If you wish to avail the facility of check ups and preventive care facilities in some hospital, then high deductible health plans can pay for the same even before you have paid for the deductible. You should visit sites on the Internet about health insurance to know about high deductible health plan pros and cons.
While opting for health insurance, you should take into consideration the offers of different health insurance companies and choose the best one among them. You can also consult medical professionals to guide you in a better way, as they have spent many years in the industry and are more knowledgeable than you. So, try out these ways and live a healthy and prosperous life.
0 komentar:
Posting Komentar