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Meeting Your Family's Health Needs With An HSA

Making sure that your family is able to stayBetter  Coverage
healthy partly depends on having a good
health insurance program for them. One of theThe 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 Healthnot have been covered for under another type
Savings Account (HSA). This new programof policy, you may find that you are covered
enables you to have reduced insurance ratesfor with an HSA. This could actually allow
because of a higher deductible, and a taxyou to get a better coverage for less. Things
deferred savings program with it. Here arelike dental coverage, therapy, even
some  of  the  features  of  this  program.non-prescription medicines and some
alternative treatments may also be covered,
Reduced  Ratesand even some mental illness treatments, too.
By getting a health insurance program with aYou  Keep  Control
high deductible, you are able to greatly
reduce your monthly premiums. This is anUnder an HSA, you are the one in control of
especially good way to go, if you are youngerthe money. It is yours to use. You can take
and currently have pretty good health. Themoney out of the account when you want, but
deductible amounts are pre-determined by theonly the money that is used only for medical
government, and you are required to havepurposes is tax-exempt. Generally, you will
deductible amounts between $1,050 and $5,250be given a card, like a credit card, that
for singles, and it needs to be betweengives 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  Exemptis 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-freeLike any other insurance policy, once you
income, and interest on the amounts you havehave paid the deductible amounts, the rest is
in the program. You can put into the planup 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 itconsiderably. The savings account can also
is up to $2,700, and for families it isprovide a good hedge for your medical
$5,450. A little extra benefit is that youinsurance program for the future, too,
are able to take off of your taxes any moneybecause any money not used toward the
that is deposited into the account all thedeductible remains your money - to use next
way up to April 15th. So, if you are comingyear, if you need it. On the other hand, the
up to tax time, and find you need to reducemoney in your HSA might also be used to
your taxes some more, you can put it intoprovide some money for retirement - assuming
your  HSA,  and  find the tax break you need.you maintain your good health.



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