A HSA is a terrific option for certain individuals and families. It is a specialized account that is utilized in concert with compatible plan. An individual who wishes to use a health savings account will find that they need to set aside money for common medical expenses. These monies are tax deductible and can be utilized to pay for certain medical costs.
Many insurance plans that are compatible with these types of accounts have costly deductibles. For single individuals, the deductible range might be between $1200 and $6000. For families, this amount may fall somewhere between $2400 and $11,900.
Health Savings Accounts offer one especially important benefit to users. It makes it possible for individuals to forgo taxations of a portion of ones income. Single individuals are able to place up to $3,050 to their Health Savings Account and families, $6,150. Above the line deductions, those deposits made prior to April 15th of a particular year, qualifies as a tax deduction for the present tax year.
Though these types of accounts are not right for everyone, they work quite well for some persons and families. There are some very real benefits to using this sort of health insurance product. We will talk about what some of those are below.
Health Savings Accounts Work In Concert With High Deductible Insurance Plans.
Individuals that have health care plans with high deductibles may find it helpful to place money into an account that can pay for deductibles if and when needed. For instance, if an individuals insurance plan requires them to pay a $2000 prior to when their coverage kicks in, having this amount of money (more or less) in a HSA accounts makes it possible for them to pay it without having to come up with it all at once.
HSA Accounts Help Individuals Cover Common Medical Expenses
Money from this account can be used to pay for common medical expenses such as over-the-counter and prescription meds, co-pays, hospital stays and the like.
Decreasing Taxable Income Saves Users Money
Decreasing the amount of money that a person is taxed is nearly always beneficial. This helps to decrease their tax load and thus, the amount of money they have to pay to the government. Because more then $11,000 can be put in a family HAS, this can result in significant tax savings.
In summary, a HAS can provide a ton of benefit to those onsidering using this type of account. It provides a tax benefit and allows individuals to set aside money for common medical expenses.
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