Seeing the Value of HSAs
Posted by Melissa C. on Tue, Sep 29, 2009 @ 03:03 PM
I recently was helping a friend who was considering purchasing a HSA qualified health plan. She is going into private practice after working for a number of years at a large law firm. She knows health coverage is important, but isn't sure if a HSA makes sense.
Information about Health Savings Accounts
After helping her with a HSA quote, she found a premium savings of about $100 a month compared to a traditional major medical plan. The extra $100 she saved on premium she could use to fund her health savings account. Her tax accountant, who helped her set-up her solo practice, said that was a really smart idea because the money she invested in the HSA could be deducted from her annual income tax. Plus, the money would grow tax free.
Coming from a group plan she was also used to having dental and vision benefits. She decided not to purchase any additional coverage and simply use the money in her HSA account to pay for those qualified medical expenses when the need arises. After viewing the complete list of qualified medical expenses she realized the HSA account would pay for a lot more than just dental and vision exams.
Consumer Direct Health Care that Works
My friend feels lucky, after doing the research and having our conversation she felt comfortable with an HSA. It's helping her stay within budget as she gets her practice up and going, yet provides her with important peace of mind.
Want to find out if a HSA is right for you? Celtic offers a quick and interesting HSA presentation.