(HSA) HEALTH SAVINGS ACCOUNTS:MyQuickInsurance.Com, Inc.

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(HSA) HEALTH SAVINGS ACCOUNTS

(HSA) HEALTH SAVINGS ACCOUNTS

Health Savings Account was introduced in early 2004, so we can say that it is relatively new. As this is new it arises confusion among the people that whether it is like any other Health Insurance Plan but Health Savings Account should not be confused with Health Insurance, it is a valuable tool for people to handle their health care costs.

Health Savings work in a similar way like an IRA retirement savings plan. It allows the people to set aside their tax free money to pay for medical expenses. The funds get accumulated from year to year and one may or may not use the funds from year to year.

As money in HSA is tax free money so if one uses this money on medical expenses then he does not owe taxes on it. Qualified expenses include deductibles & other medical expenses for the account holder & their dependents.

In order to have HSA one must need to have Health Insurance Plan which meets certain criteria including a minimum deductible.

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