Health Savings Accounts are the newest entity in health insurance policies. Coupled with High Deductible Health Plan this comprehensive consumer based coverage takes advance of the need for lower health care costs and the demand for flexible funding of one's health care needs. While this may seem too good to be true, this article will provide you with four solid reasons to look at Health Savings Accounts as an option for you and your family.First and foremost, Health Savings Accounts are coupled with High Deductible Insurance Plans that can decrease your total out of pocket expenses. Once the deductible is met all covered medical expenses are paid by the insurance carrier, including prescription drugs. Secondly, funds that are deposited into your Health Savings Account are 100% tax deductible as long as the money is being spent on qualified medical expenses. Some examples of qualified medical expenses are: fertility treatment, prescription and over the counter medications, travel expenses and lodging. The third reason that you should consider a Health Savings Account along with a High Deductible Insurance Plan is increased availability. Many banking institutions, like Wells Fargo and US Bank are offering Health Savings Accounts, making it easier for policy holders to manage their Health Savings Accounts.
As mentioned previously Health Savings Accounts allow policy holders the freedom to choose methods of treatment and prevention. This leads to reason number four. Choosing a Health Savings Account decreased the amount of out of pocket expenses by paying for a number of medical expenses not typically covered under traditional health insurance policies. Vitamins, dental treatments, chiropractic work, and physical therapy are just a few of the qualified medical expenses covered through a Health Savings Account.
There are many reasons to consider a Health Savings Account for you and your family. This article has just skimmed the surface.
