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Healthcare and the Family Budget - What is a Health Savings Account and Do You Need It?

Healthy children are easier on the householdaccount even after you leave that job,
budget unfortunately not everyone is sosimilar to a 401(k). Keep in mind that you
blessed so what do you do? When consideringcan continue to withdraw money from the
the family budget and being a good parent,account tax-free for qualified medical
providing quality healthcare at a reasonableexpenses after age 65. You can't make new
price is right up there with the mortgageHSA contributions after age 65, but you can
payment,  car  payments  and college tuition.still use the money in your account tax-free
for  medical  expenses  at  any  age.
Health Savings Accounts can be simple and
easy to understand. A Health Savings AccountDeposits to an HSA may be made by any
is a tax-favored savings account combinedpolicyholder of a qualified High Deductible
with a qualifying high-deductible healthHealth Plan (HDHP), by an employer on behalf
insurance plan. Health Savings Accountsof a policyholder, or any other person.
allow you to legally avoid federal income taxPreviously, the annual maximum deposit to an
by depositing 100% of the health plan'sHSA was the lesser of the HDHP deductible or
deductible, up to $2,850 for singles orspecified IRS limits. As of 2007 plan years,
$5,650 for families, into your Health SavingsCongress has abolished the lower limit based
Account. Health Savings Accounts, (HSA)on the deductible, and the maximum
touted as a way to lower health-insurancecontribution will simply be the statutory
costs and broaden coverage, have fallen shortlimit. These include deductibles and
of their promise. They are gainingcoinsurance as well as many other expenses
popularity because they allow individuals,not covered under medical plans, such as
rather than an HMO or the government, to takedental, vision and chiropractic care; durable
charge of their health care. Also, they'remedical equipment such as eyeglasses and
an excellent option for individuals andhearing aids; purchase and use of qualifying
families without employer-sponsored healthover-the-counter medications; and
insurance. Health Savings Accounts aretransportation expenses related to medical
becoming quite popular for people who arecare. Contributions are deductible, the
generally healthy and they're leading the wayaccount accumulates tax-free, and withdrawals
in  this  transition.used for medical expenses are tax-free.
Contributions and gains can be rolled from
Savings can be used to help pay theyear to year - there's no "use it or lose
deductible and for non-covered medicalit". Contributions to the HSAs are
expenses, such as dental and vision. Savingstax-deductible at the federal and state
reduce or eliminate annual out-of-pocketlevel.
exposure. Savings not spent remain in the
HSA tax-deferred. Savings and investmentsHealthcare is the number one issue facing
unlike premiums, unused HSA dollars remain inmany individuals and companies in America.
the HSA until you use them later. Day-to-dayNow with the release of Michael Moore's new
expenses come out of the health savingsmovie, SICKO, the debate on healthcare in the
account, while catastrophic expenses areUSA in on. Many well-meaning people believe
covered by insurance. Health Savingsthat a government take-over of healthcare
Accounts are gaining popularity because theycoverage, called a "single-payer" system, is
allow individuals, rather than an HMO or thethe answer. Health Savings Accounts are
government, to take charge of their healthcombined with a High Deductible Health Plan
care. A Health Savings Account combined with(HDHP) to offer a more affordable approach to
a High Deductible Health Insurance Plan giveshealthcare. They were created to help give
individuals an economic incentive to becomecontrol back to consumers and lower
better consumers of health care serviceshealthcare costs. While most healthcare
because they are now spending their own moneyinsurance clients say they are satisfied with
up to the level of their high deductible.their current plans, the landscape changes
Health Savings Accounts are an excellentwhen major illnesses start. Alternatively,
option for individuals and families withoutyour HSA balance can be used to cover your
employer-sponsored  health  insurance.post-age-65 healthcare costs including
Medicare Part A and B premiums, Medicare HMO
If your employer offers a high-deductiblepremiums, garden-variety health premiums,
health insurance policy, you may be able toinsurance deductibles and co-payments,
make pretax contributions, like you wouldprescriptions, long-term care insurance
with a flexible-spending account.premiums, and so forth. But what about the
Legislation passed by Congress December 9,person who lives pay check to pay check or
2006, will let you make a one-time transferthe single parent trying to provide
of funds tax free from a flexible-spendinghealthcare for themselves and children.
account to an HSA. You cannot have an HSA ifCombine a tax-favored Health Savings Account
you use a flexible-spending account to pay(HSA) and an HSA-eligible health insurance
health-care costs or if you have otherplan to save money tax-free for healthcare
medical coverage (say, through a spouse'scosts.
policy). You can keep the money in an HSA



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