Now, we all know there is no such thing as a FREE lunch. People say that Health Insurance isn't affordable. Can you imagine that the government knows it is affordable and they are giving you incentive to go buy your own insurance?
HSA (Health Savings Account) is designed and introduced to reduce the health care cost for both employers and employees since their inception in 2003 by Congress as defined in section 213(d) of the Internal Revenue Code. HSA is tax privilege savings plan offer to tax payers in the U.S. to deposit money to cover current and future medical expenses. HSA provides tax-free savings account for medical expenses and introduced to reduce the current health care costs.
Your HSA account can be used for a wide range of medical goods and services. Of these expenses they do have to be "Qualified" medical expense. Here is a list of some, but not limited to, "Qualified" medical expenses:
" Acupuncture
" Artificial Teeth
" Car Modifications
" Chiropractor
" Contact Lenses
" Eye Surgery and Glasses
" Guide Dog
" Legal fees to authorize treatment of mental illness
" Long-term care
" Non-prescription medications
" Nursing home and services
" Oxygen
" Prescription Medication
If you want a full list Qualified and non-Qualified medical expense refer to your HSA coordinator, Health Insurance Specialist or an on-line search for resources.
Not all HSAs are the same and in order to insure you are maximizing your benefits from this cost-saving measure, you need to have the facts of how to establish a Health Savings Account.
You can't just set aside your HSA contributions in a shoe box, or even a safe deposit box or in an ordinary bank or other account-the money has to be set aside in an account specially designed for this purpose.
An institution that holds your balances for your, receives and records contributions and processes distributions. In general, an insurance company or a bank can be an HSA trustee or institution, as can any entity already approved by the Internal Revenue Service (IRS). However, be warned, not all of theses companies will provide the same level of service or support. Many banks that offer HSAs know little about the health care side of these accounts, while insurance companies may lack knowledge about the banking aspect. Do your homework about the quality of products offered before you sign up with a provider. This includes Set up fees, transaction fees, maintenance fees, other fees and your interest rate based on the balance in the accounts.
Arthur "Butch" Zemar is a health insurance specialist and author. He is committed to preserving the health and wealth protection interests of his client and sincerely believes that quality, affordable health insurance should top your list of necessities - right after food, shelter and clothing. With his passion of working with professionals and entrepreneurs, he has established a reputation as a health insurance "specialist" with a deep understanding of the industry, the options and the most intelligent and cost-effective ways to obtain and maintain comprehensive health care.
After years of studying, reading, and working with several mentors in the field, Butch Zemar is now making presentations on the options and services of the health care industry. He is committed to clearing the "fog" on subjects such as: deductibles, out-of-pocket expenses, Health Savings Accounts, and co-insurance rates. For more information please visit http://www.EliteBenefits.net
