Best Health Savings Accounts, Health Care, Tax Savings, Planning

Let's talk about health insurance plans that work with Health Savings Accounts and what some of the benefits are in addition to the tax savings

. As you may know, any money you put into a Health Savings Account is tax deductible. So it immediately lowers your tax bill, but there's a number of other reasons that you want to consider getting an HSA or Health Savings Account qualified health insurance plan.

The first reason is that these plans are much less expensive than co-pay plans. We're talking about 40% less on average, so when you hear somebody talking about a $500.00 a month premium, well it could be $300.00 or maybe even less with an HSA qualified plan and of course that depends on their age and zip codes so it will be much less for a young single person than for an older couple.

Number two, HSA plans reward you for staying healthy. So, each year, an HSA plan allows you to put money into your health savings account pretax dollars that grows tax free, tax deferred just like an IRA and if you ever have a medical expense, you can take that money out to pay the medical expense tax free for doctor visits or dental or vision or chiropractors or whatever. The point is, if you stay healthy, if you take care of yourself, if you exercise, if you eat right, if you don't develop the level of degenerative disease that most Americans do as they age, then you won't need to be taking money out of that health savings account to pay medical bills and that money will grow at a compounded rate tax free. In other words, much more accelerated than it would if you were paying taxes on that money each year, so it can be a nice little second retirement account.

So let's look at what that could amount to. For a family, you can contribute up to $6150.00 into your HSA in 2010. If you do that, every year over the next 30 years and if you were lucky enough to get a 10% return on that money and you do not make any withdrawals, you'd have over a million dollars. One million one hundred fifty eight thousand dollars in your account at the end of 30 years; if you're earning just a 4% return, you'll still have $335,000.00 in that account after 30 years. So you can see it can really add up to a lot of money. If you do have medical expenses, you can save your receipts and let that money continue to grow tax deferred and then reimburse yourself at any time at a later date.

What this also does is it gives you control of your health care, so once that money has built up in your account; you get to decide how you want to spend it. If you want a second opinion and your insurance company says, no we're not going to pay for that, you've got money in your account to pay for it. If you want alternative medical care that your insurance company or Medicare is not going to pay for, you still have the freedom to get the kind of health care that you want without a government or insurance company bureaucrat telling you no.

For more information on how to make the most of your Health Savings Account go to www.HSA-Resources.com. There you will also find information about how to open a Health Savings Account, about how health care reform will affect your HSA and why you should take advantage of the opportunity to have an HSA while you still can.

by: Wiley Long

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