Health Savings Account Can Be Beneficial To You
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M. Xavier
Mar 22, 2013, 10:10:15 AM3/22/13
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Article Title: Health Savings Account Can Be Beneficial To You
Author: M. Xavier
Word Count: 567
Article URL: http://www.isnare.com/?aid=145891&ca=Wellness%2C+Fitness+and+Diet
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=145891
Easy Publish Tool: http://www.isnare.com/html.php?aid=145891
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Health savings account can be defined as a tax-free saving account. It is very similar to an individual retirement account. The account is specially designed to pay off medical expenses incurred by an account holder. The expenses paid by health savings account are tax-deductible for self-employed account holders. One can easily withdraw cash from these accounts via a check or debit card. The account is helpful in paying off routine medical expenditure for the account holder. The process is tax-deductible.
The major attractions of a health savings account are lower deductibles and options. Here, one can benefit from 100% of the amount deduction that is contributed to a health savings account. This plan is designed in a fashion wherein almost everyone will be benefited from this account.
If you hold a health savings account, you can easily pay for substantial routine medicinal expenditure and the cost of the account is surprisingly low with the benefit of high tax-deductibility.
If your health savings account consists of amount that has not been used to pay bills, it gets accumulates and continues to collect interest as per the plan. The amount keeps on growing each year. You can also use this amount as additional income during retirement.
As an account holder, you can split the money you have currently spent on a conventional health plan via putting a part of it towards a policy having low cost and higher deductible benefits. You can deposit the rest of the amount in to a tax-deductible health savings account. Remember that health savings account should be utilized to pay small medical expenses on a daily basis.
If the money present in the account is not adequate enough to clear your bills, you can use the high deductible insurance policy to pay your outstanding medical bills. The whole idea to have a health savings account is to replace a conventional health policy. A health savings account plan is more flexible. It provides the option to the account holder to select his or her own physicians imposed by other medical plans.
A health savings account or HSA can be categorized in to two parts. The first part is a health insurance policy that covers large medical bills and is high-deductible. The second part of this type of savings account is an investment account. It can also be considered as a retirement account. You easily withdraw money for medical care from this account. The money withdrawn from this account is tax-free. In case, you don't utilize this money, it gets accumulated with tax-free interest until you are 65. This is the time when you can withdraw this money for any purpose. You can also pay normal income taxes via this money.
Eligibility criteria for health savings account:
If you are under age 65 and have a qualified high-deductible health insurance policy, you can open a health savings account. You will not be considered eligible by the company if you are covered by another health insurance policy that is not a qualified high deductible plan.
To qualify for an HSA, your health insurance plan must have a deductible of at least $1100 for individual coverage. For family coverage the deductible should amount to $2200.
Health savings account is highly beneficial to you if you require an assistance to pay your routine medical bills.
About The Author: For more information on health insurance, try visiting http://www.healthinsurancedecision.com - a website that specializes in providing health insurance related tips, advice and resources to include information on health savings accounts.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=145891
*********************** ARTICLE END ***********************
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Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
M. Xavier
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=145891
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=145891
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Health Savings Account Can Be Beneficial To You
Author: M. Xavier
Word Count: 567
Article URL: http://www.isnare.com/?aid=145891&ca=Wellness%2C+Fitness+and+Diet
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=145891
Easy Publish Tool: http://www.isnare.com/html.php?aid=145891
*********************** ARTICLE START ***********************
Health savings account can be defined as a tax-free saving account. It is very similar to an individual retirement account. The account is specially designed to pay off medical expenses incurred by an account holder. The expenses paid by health savings account are tax-deductible for self-employed account holders. One can easily withdraw cash from these accounts via a check or debit card. The account is helpful in paying off routine medical expenditure for the account holder. The process is tax-deductible.
The major attractions of a health savings account are lower deductibles and options. Here, one can benefit from 100% of the amount deduction that is contributed to a health savings account. This plan is designed in a fashion wherein almost everyone will be benefited from this account.
If you hold a health savings account, you can easily pay for substantial routine medicinal expenditure and the cost of the account is surprisingly low with the benefit of high tax-deductibility.
If your health savings account consists of amount that has not been used to pay bills, it gets accumulates and continues to collect interest as per the plan. The amount keeps on growing each year. You can also use this amount as additional income during retirement.
As an account holder, you can split the money you have currently spent on a conventional health plan via putting a part of it towards a policy having low cost and higher deductible benefits. You can deposit the rest of the amount in to a tax-deductible health savings account. Remember that health savings account should be utilized to pay small medical expenses on a daily basis.
If the money present in the account is not adequate enough to clear your bills, you can use the high deductible insurance policy to pay your outstanding medical bills. The whole idea to have a health savings account is to replace a conventional health policy. A health savings account plan is more flexible. It provides the option to the account holder to select his or her own physicians imposed by other medical plans.
A health savings account or HSA can be categorized in to two parts. The first part is a health insurance policy that covers large medical bills and is high-deductible. The second part of this type of savings account is an investment account. It can also be considered as a retirement account. You easily withdraw money for medical care from this account. The money withdrawn from this account is tax-free. In case, you don't utilize this money, it gets accumulated with tax-free interest until you are 65. This is the time when you can withdraw this money for any purpose. You can also pay normal income taxes via this money.
Eligibility criteria for health savings account:
If you are under age 65 and have a qualified high-deductible health insurance policy, you can open a health savings account. You will not be considered eligible by the company if you are covered by another health insurance policy that is not a qualified high deductible plan.
To qualify for an HSA, your health insurance plan must have a deductible of at least $1100 for individual coverage. For family coverage the deductible should amount to $2200.
Health savings account is highly beneficial to you if you require an assistance to pay your routine medical bills.
About The Author: For more information on health insurance, try visiting http://www.healthinsurancedecision.com - a website that specializes in providing health insurance related tips, advice and resources to include information on health savings accounts.
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=145891
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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