| Making sure that your family is able to stay | | | | Better Coverage |
| healthy partly depends on having a good | | | | |
| health insurance program for them. One of the | | | | The new HSA's have an extra real nice feature |
| more recent new additions to the health | | | | - they cover more. Some things that you may |
| insurance industry is called the Health | | | | not have been covered for under another type |
| Savings Account (HSA). This new program | | | | of policy, you may find that you are covered |
| enables you to have reduced insurance rates | | | | for with an HSA. This could actually allow |
| because of a higher deductible, and a tax | | | | you to get a better coverage for less. Things |
| deferred savings program with it. Here are | | | | like dental coverage, therapy, even |
| some of the features of this program. | | | | non-prescription medicines and some |
| | | | alternative treatments may also be covered, |
| Reduced Rates | | | | and even some mental illness treatments, too. |
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| By getting a health insurance program with a | | | | You Keep Control |
| high deductible, you are able to greatly | | | | |
| reduce your monthly premiums. This is an | | | | Under an HSA, you are the one in control of |
| especially good way to go, if you are younger | | | | the money. It is yours to use. You can take |
| and currently have pretty good health. The | | | | money out of the account when you want, but |
| deductible amounts are pre-determined by the | | | | only the money that is used only for medical |
| government, and you are required to have | | | | purposes is tax-exempt. Generally, you will |
| deductible amounts between $1,050 and $5,250 | | | | be given a card, like a credit card, that |
| for singles, and it needs to be between | | | | gives you access to the account. Whenever you |
| $2,100 and $10,500 for families. | | | | use money from the account, the insurance |
| | | | company automatically gets a receipt, and it |
| Savings Are Tax Exempt | | | | is subtracted from your account, and your |
| | | | deductible - and it remains tax exempt. |
| One of the great benefits of this type of | | | | |
| plan is that, like an IRA, you enjoy tax-free | | | | Like any other insurance policy, once you |
| income, and interest on the amounts you have | | | | have paid the deductible amounts, the rest is |
| in the program. You can put into the plan | | | | up to the insurer to pay. By having the high |
| money that comes off the top of your taxes. | | | | deductible you reduce the premiums |
| There are limits, though, and for singles it | | | | considerably. The savings account can also |
| is up to $2,700, and for families it is | | | | provide a good hedge for your medical |
| $5,450. A little extra benefit is that you | | | | insurance program for the future, too, |
| are able to take off of your taxes any money | | | | because any money not used toward the |
| that is deposited into the account all the | | | | deductible remains your money - to use next |
| way up to April 15th. So, if you are coming | | | | year, if you need it. On the other hand, the |
| up to tax time, and find you need to reduce | | | | money in your HSA might also be used to |
| your taxes some more, you can put it into | | | | provide some money for retirement - assuming |
| your HSA, and find the tax break you need. | | | | you maintain your good health. |
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