Health Savings Accounts

Doctor with patient

As the insurance premiums rise nationally, many people have lowered their premium cost by purchasing a policy with a high deductible. A health savings account (HSA) is then used to pay for expenses below the deductible amount. Health savings accounts can be a good way to save for your future healthcare needs especially if your yearly cost of healthcare is low.

A difficult problem emerges with the use of health savings accounts: how do I get the most value for each dollar that I spend? HealthScepter was designed to give you the information you need to proceed with confidence in the cash-based medical markets.

There is a large amount of online information of high deductible health plans (HDHP) and health savings accounts (HSAs). Here at HealthScepter, we work very hard to deliver the highest quality websites to provide the information you need. There are 1000’s of websites on HDHPs and HSAs; here are some of the very best so you can make the very best decisions. The information below is not specific advice for one particular product, but an organized way to approach the topic. You should always make your final decisions in concert with your financial advisor.

  1. Basic information from the IRS is provided here for high deductible health plans and health savings accounts: Publication 969.
  2. Basic information from the private sector is provided here for information about high deductible health plans and health savings accounts:
  3. Once you have the basics down, you can start shopping for your own high deductible health plan using these insurance comparison tools:
  4. Once you have a high deductible insurance plan, you can qualify for a health savings account. You will need to have an “administrator” for the account which can include a local bank, national bank, or HSA-specific bank. Researching for the right administrator can be simplified by using HSAConnect.com. If you look under “Health Savings Account Administrators”, a comprehensive list for your state can be found. You will need to look at the account types (cash only versus use of investments like mutual funds) and find out which will work best for your situation.
  5. There are perspectives that are both for and against health savings accounts. To read more information about the benefits and risks of HSAs, you may want to read some other resources such as HealthSavingsAlliance.org, CATOInstitute.org, and FamiliesUSA.org.

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