17 Personal HSA. Learn How You Can Reduce the Cost of Your Health Insurance and Pay for ALL Your Health Care with Tax Free Dollars

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Linda Baldwin
8 years ago
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1 17 Personal HSA Learn How You Can Reduce the Cost of Your Health Insurance and Pay for ALL Your Health Care with Tax Free Dollars According to the Agency for Healthcare Research low deductibles and small co pays can increase the cost of your health insurance by as much as 40%. Because minimal copayments make it easy for us to submit insurance claims for minor health care expenses that we can afford to pay without insurance. [of course] We all need insurance to cover major health care expenses like surgery or hospitalization. [but] Expecting our health insurance to pay for minor medical expenses [like] check ups / flu shots / [and] teeth cleaning is like expecting our auto insurance to pay for routine maintenance

2 [like] oil changes / tuneups / tires or brakes. [or] expecting our homeowner's insurance to pay for household repairs [like] plumbing / electrical / roofing or painting. Of course we need to pay for those expenses but we don't need insurance to pay for them. [so] What's the solution? [a] Tax exempt Health Savings Account [and] low cost Major Medical Insurance It's a combination that can reduce the cost of your insurance by as much as 40% minimize your rate increases allow you to choose your own health care benefits and pay for ALL your health care expenses with tax deductible dollars. Here's how it works... [a] Health Savings Account [or HSA] [is like an] Individual Retirement Account [an IRA] but for health care expenses instead of retirement income.

3 The money you deposit is tax deductible and the interest you earn is tax exempt. But the money you take out to pay for health care is also tax exempt. [and] Whatever you don't spend you can later use to pay for future healthcare expenses. Which gives YOU control over your healthcare benefits NOT the insurance company. You can deposit up to $3000 a year into a personal HSA or more than $6000 a year into a family HSA [and] you can transfer money from your IRA or 401k account to set up your HSA. [of course] the money you save on the cost of insurance should be deposited into your HSA every month. [but] you can also transfer money from any other savings account whenever you want.

4 You can write checks on your HSA account or use an HSA debit card to pay for ALL your minor healthcare expenses. And you can spend your tax free HSA money almost any way you want including products or services that might not be covered by your health insurance [like] chiropractic / acupuncture / [or] homeopathy [as well as] dental and orthodontics hearing and vision care. [however] You can NOT use your Health Savings Account to pay for medically unnecessary or cosmetic procedures [like] teeth whitening / face lifts / [or] hair replacement. [of course] you can also use your HSA money to pay for major medical expenses as well. For example...

5 if you were to choose a $ 2,000 deductible with a 20% copay on the first $10,000 and you are diagnosed with a serious illness like cancer [or] you are brought into a hospital emergency room with a serious injury from an auto accident you would pay both the deductible AND the copay from your HSA [and] your Major Medical coverage would pay the difference. Even if all your medical expenses amounted to $ 100,000 you would pay only $ 4000 with tax exempt money out of your HSA and the insurance company would pay the rest. [that's why] The U.S. Treasury Department estimates that more than 10 million Americans have already set up HSAs

6 [and] as many as 50 million MORE will be covered [by] Health Savings Accounts [and] Major Medical Insurance within the next two or three years either on their own or through their employers. Ask yourself this... Does it make sense to pay for insurance to cover minor healthcare expenses? As well as major healthcare expenses? When it adds as much as 40% to the cost of your coverage? Does it make better sense to pay for your minor healthcare expenses from a tax free savings account? And let the insurance company pay only for your major healthcare expenses? Especially if it will reduce the cost of your insurance and let you keep

7 whatever you don't spend to supplement your Medicare coverage during your retirement.

Health Savings Accounts: Innovative Health Care Financing

Health Savings Accounts: Innovative Health Care Financing Would you be interested in a health insurance program that puts you in control of your own health care dollars, while protecting you and your family