"It would be nice if the poor were to get even half of the money that is spent in studying them."Bill Vaughn
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Internet Marketing Strategies That Won't Hurt Your Savings Much
Your new business will benefit a lot from various Internet marketing methods. But you don't have to spend millions of dollars just to get some decent exposure for your company. There are ways to make your business be seen and felt without doing overkill ...
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We're not being insensitive, honestly! We're talking about your last gasp of smoke - have you given up smoking recently? Did you know that smokers paying up to 60% more for their life insurance cover compared to non-smokers. So, besides the health ...
Use Your Yellow Page Savings to Finance Your Internet Local Search Visibility
Copyright 2005 Off the Page A Yellow Page Ad Says You're "Open for Business" Most small businesses that have a storefront or provide a service are committed to a Yellow Page directory ad. It was a safe bet, since buyers went to the directory when they ...
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A Health Savings Account offers people a second choice when it comes to signing up for health insurance. It's not a replacement for health insurance, but instead, combines aspects of personal savings with the complete coverage offered by a health insurance plan. If you've been following the news lately, you've probably heard about the contentious issue of Health Savings Accounts, introduced by the Bush administration in 2003 through the Medicare Modernization Act. At that time the concept generated little buzz - only recently has the debate heated up between critics and supporters of the initiative.
A Health Savings Account offers people a second choice when it comes to signing up for health insurance. It's not a replacement for health insurance, but instead, combines aspects of personal savings with the complete coverage offered by a health insurance plan. Many defenders of HSAs believe it offers the best of both worlds so that patients can have more control over their own healthcare needs and save money in the process.
But what exactly does a Health Savings Account entail? Basically, a Health Savings Account is a savings account (set aside for the purpose of paying future medical costs) in conjunction with a high-deductible health insurance policy. If your employer or insurance company offers HSAs, you are given the option to deposit money into the savings account, up to a set amount. The deposit remains tax-free, even when you withdraw, and gains interest over time - just like a traditional savings account. The difference, of course, is that the money must be used to cover medical expenses you incur up to the deductible amount. So if you need to buy prescription eyeglasses, visit the doctor, or take an eye exam, you would withdraw funds from the HSA in order to pay those bills. HSAs can be used to pay for a wide range of healthcare expenses, not traditionally covered by health insurance.
The good news is that once you reach the deductible amount, your insurance coverage kicks in and you can use that to pay any additional medical bills you are responsible for during the rest of the year. Another positive aspect of a Health Savings Account is the fact that with a high-deductible insurance plan comes low monthly premiums. If you have little to no healthcare costs during the year, you will save a lot of money on premiums alone. At the same time, your savings account will gain interest and roll over to the next year. After several years, even if you need to make withdrawals to pay for certain medical expenses, you should have a significant amount of money set aside for a rainy day.
In addition, once you turn 65, you can withdraw any leftover funds to use for your retirement - and the balance remains tax-free. You can use the money for medical expenses, of course, or for any other expenses you have during your retirement years.
Opponents of HSAs argue that only the healthy and wealthy can afford to take advantage of the opportunities Health Savings Accounts offer to the public , while proponents of the plan believe this type of health insurance has the potential to give the average person more power to make informed healthcare choices. Only time will tell whether or not Health Savings Accounts have the potential to revolutionize healthcare in America.
ABOUT THE AUTHOR
Lisa Ip is president of Uniforce Insurance, which she founded in 1994, in Madison Heights, Michigan. For more information regarding health insurance in Michigan, visit http://www.uniforceinsurance.com or call 888-302-RATE
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Your 2012 Memorial Day Sales Savings Cheat SheetDailyFinance"The time required to search for the best possible deal keeps shoppers from comparing prices, even if that means saving them a lot of money." That's where these bargain-finding search engines come in handy, he says. They'll "not only save you time and ...and more » |
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