HSA - Health Savings Account
A Health Savings Account (HSA) is a tax-advantaged medical savings account. available to United States residents who are enrolled in a High Deductible Health Plan (HDHP) - to qualify as a high deductible health plan, the underlying health insurance plan must have a deductible of at least $1,100 per individual and $2,200 per family based on 2008 limits and are generally adjusted annually.
The funds contributed to the HSA are not subject to federal income tax when deposited, and may be used to pay for qualified medical expenses at any time without federal tax liability.
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Who Benefits from Health Savings Accounts
HSA plans clearly benefit two groups of people: 1) individuals who are healthy and 2) individuals who are very unhealthy or have large monthly expenses for prescription drugs. This dynamic is due to the fact that HDHPs typically have lower monthly premiums thus benefiting healthy individuals. Sick individuals benefit because every dollar a person spends on drugs and office visits is credited towards the deductible. Once the deductible is met, the underlying HSA plan will pay for medications with the same co-pay as all other medical expenses, thus limiting out of pocket costs.
Overall customer satisfaction with HSAs has been mixed but if this health insurance vehicle is right for you it could save you a great deal of money while meeting you healthcare needs.
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