By Joseph Adams
Now we all know how easy it is to buy a health insurance plan. You only need to get a quote, compare plans and then make a decision from that point. But most people don't go as far as assessing their actual insurance needs or wants.
If you're trying to build up your investments portfolio, you might want to consider a health plan that is also savings plan. The government officially sanctioned such savings plans with the approval of the Medicare bill's Health Savings Accounts (HSA's) by President George W. Bush on December 8, 2003. HSA's are also known as Medical Savings Accounts.
HSA's are basically hybrid savings and health insurance accounts. It's something that you can put in your retirement basket, but that you can use for your health insurance needs. It works very much like an Individual Retirement Account, but it is NOT.
You can have an HSA if you have a high deductible plan. You can make deposits every year, up to a certain limit. The great thing about it is that you deposits earn interest tax-free. Some HSA companies allow you to invest your money in mutual funds. You can withdraw money for your medical expenses without having to worry about penalties and taxes.
HSA's are available in all states. Within the Florida health insurance industry there are around 15 providers.
Some benefits of an HSA plan:
- Lower cost of medical insurance premiums
- Pretax money for healthcare expenses
- Complete freedom on how to spend the money
- The savings in your HSA account is your money
Joseph Adams is an insurance agent based in Boca Raton, Florida. For free consultation on individual, family or group health insurance, visit his site at http://www.joefloridainsurance.com/
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