Looking to save money on healthcare? Forbes says a Health Savings Account can help.
With the economy sagging and the cost of health care steadily rising, it’s a smart time to think about ways to save on health care without giving up benefits. Chances are, however, you’re still confused about one of your options: the health savings account (HSA).
Available since 2004, HSAs allow consumers who qualify to sock away a limited amount of money, pretax, to pay for health expenses now and anytime down the road. The money accrues interest and can be used to cover some expenses that insurance plans often exclude. Premiums for family health coverage have increased 78% since 2001, according to a 2007 Kaiser Family Foundation report, making HSAs all the more helpful. Yet while the number of people using HSAs has grown in recent years, a lot of Americans are still leaving the option on the table.
Tags: forbes
