Why You Need a Health Savings Account (HSA)
This post is sponsored by UnitedHealthcare. All views expressed are that of our own.
Now that 2017 is officially here, what are your plans for your health insurance needs? Will you be shopping around for new, lower premium health insurance plan during open enrollment? Regardless, now is the time to look into different plans and specifically why you need a Health Savings Account if you have a high-deductible health plan.
The truth is, not everyone has employer contribution health insurance. I have had a few years in the past where I had to carry my own plan and let me tell you, I was almost afraid to ever need to use it. The deductibles were close to 5k in some areas, and I really could have benefited from an HSA. I was younger, and had no idea how easy and beneficial a Health Savings Account could have been.
Don’t know what a Health Saving Account (HSA) is? That is ok, because I was not familiar with their benefits when I needed them most!
An HSA is a tax advantaged medical savings account. These individual plans are available to US tax payers who are enrolled in high-deductible insurance plans. They are not subject to federal income tax at the time of deposit, and any funds not used each year can be rolled over to the next year. Be sure to talk to your employer to have a portion of your paycheck deposited into your HSA. You can also do after tax contributions. See UnitedHealthcare for more details.
Basically, a Health Savings Account helps you to defray the cost of your high insurance deductibles should you need to use them. With each deposit, you are creating a nest egg to help pay a future deductible for qualified medical expenses.
The folks at UnitedHealthcare have taken all the guesswork out of what an HSA is and how it can benefit a person of any age or race. Be sure to visit their official site to get started and see how easy it is to start your plan.
Ready to quiz your knowledge on HSA 101 or Quick Care (which can help you save money)? There is even a $500 gift card prize up for grabs!
Take the HSA 101 Quiz here and enter promo code: SavvyCouple
Take the Quick Care Quiz here and enter promo code SavvyCouple for your chance to easily win $500!!
Watch our VID on HSA accounts.