![]() ![]() ![]() For 2009, in order to qualify to open an HSA, your HDHP minimum deductible must be at least $1,150 (self-only coverage) or $2,300 (family coverage). ![]() Of course, your HSA is available to help you pay for the expenses your plan does not cover. Sometimes referred to as a “catastrophic” health insurance plan, an HDHP is an inexpensive health insurance plan that generally doesn’t pay for the first several thousand dollars of health care expenses (i.e., your deductible) but will generally cover you after that. What is a “High Deductible Health Plan” (HDHP)? You must have an HDHP if you want to open an HSA. You will also decide what types of investments to make with the money in the account in order to make it grow. Decisions on how to spend the money are made by you without relying on a third party or a health insurer. You own and you control the money in your HSA. An HDHP generally costs less than what traditional health care coverage costs, so the money that you save on insurance can therefore be put into the Health Savings Account. You must be covered by a High Deductible Health Plan (HDHP) to be able to take advantage of HSAs. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis. What is a Health Savings Account (“HSA”)? A Health Savings Account is an alternative to traditional health insurance it is a savings product that offers a different way for consumers to pay for their health care. ![]()
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