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Understanding Health Savings Accounts- HSA s

Health Savings Accounts are designed to compliment high deductible group and individual insurance policies. Consumers often choose high deductible policies in order to pay a lower premium. The amount saved by purchasing the higher-deductible/lower premium policy is contributed to a HSA account to pay for qualified medical expenses.

Dollars contributed into a HSA by an individual or an employer are considered pre-tax. In this way, a Health Savings Account works much like an Individual Retirement Account. The contributions to a HSA are tax deductible and grow tax deferred. A money market account can be used to safely invest the contributions until they might be needed. (In addition, many plans offer mutual funds as an investment option in order to further increase the value of the account.) Plan owners are not taxed on any interest or fund appreciation in the account as long as funds are used for qualified expenses.

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Imagine you re scheduled for a pampering two-week vacation in Australia for that much needed break with your family. Everything s set. You ve already filed a leave of absence a few weeks back and rescheduled business meetings. The family s all psyched just with the thought of spending enjoyable time visiting koalas, kangaroos, and the famed great barrier reef. Even if the trip entails long hours on board a plane, it s all right. What s a little inconvenience compared to the comforting vacation that awaits your family, right? You and the rest of the family excitedly pack up for the trip days earlier, checking and double checking the must-brings. Everything from toothbrush to pantyhose are already stashed in the suitcases. Aside from passports, what about the most important travel essential? Well, don t ever think of leaving without securing a travel insurance! May it be for business or leisure trips, travel insurance is definitely a must. You ll never really know when travel hassles occur. As the no-braine (more...)