Accounts For Health Care Gain
A year and a half after the government made health savings accounts legal, HSAs are moving into the mainstream as more Americans seek affordable health care coverage.For Jim and Lenore Bolig, early semi-retirees who moved to Myrtle Beach eight years ago, a health savings account helped them find a more affordable way to foot the bill for their own health insurance.
The Boligs were self-employed for many years, but had a company plan that covered themselves and their employees. Upon retirement, Jim Bolig started shopping around for a new plan.
"To me, this was the best value for the buck," Bolig said. Health savings accounts are interest-bearing savings plans paired with high-deductible health insurance plans that generally cost much less than lower-deductible plans.
Money accumulates in the savings accounts and can be withdrawn tax-free to pay for medical care. If not used, the money accumulates with tax-free interest until retirement.
"I saved $210 a month with this program over what I was paying," Bolig said. "My deductible was better with this program and I was able to contribute tax-free to this. It's just a great option."
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posted by Mike @ 8:35 AM
2 Comments:
Health savings accounts are a great way to have health insurance. It is helpful to many which dont have employer sponsored health insurance.
HSA are great if we could only get California to recognize the tax benefits
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