| Health Savings Accounts have become increasingly | | | | You control how to spend your HSA and what type |
| popular in recent years because they are a great way | | | | of investments to make with the money in your |
| to save on health insurance and save on your taxes. | | | | account. If you withdraw money from your HSA for |
| Here's an explanation of how Health Savings | | | | non-medical reasons you're subject to paying taxes on |
| Accounts work, plus how to get a low cost Health | | | | it and a 10% penalty. |
| Savings Account plan. | | | | Where can I get an HSA? |
| What are Health Savings Accounts? | | | | You can sign up for an HSA with your employer, at |
| A Health Savings Account (HSA) is an inexpensive, | | | | your bank, at a credit union, or with an insurance |
| high-deductible health insurance plan, combined with a | | | | company (see link below). For more information on |
| tax-deferred savings account. You put money in a | | | | HSAs and how to set up your account, visit the U.S. |
| savings account to be used toward paying your health | | | | Treasury Department's website at: treasury.gov |
| insurance deductible (the amount you must pay | | | | offices/public-affairs/hsa. |
| toward an insurance claim before your insurance will | | | | How much do HSAs cost? |
| pay). | | | | You don't purchase an HSA, you purchase a high |
| The money you put into your savings account is tax | | | | deductible health insurance plan and put money into |
| deductible, and can also be used to pay for health | | | | your savings account to pay for your deductible and |
| care expenses like prescription drugs, vision care, or | | | | other medical expenses. |
| dental bills. The money that remains in your account | | | | Where can I get cheap high deductible health |
| earns interest tax deferred so you don't have to pay | | | | insurance? |
| taxes on it. | | | | To get cheap high deductible health insurance you |
| A high-deductible health plan (also known as a | | | | need to compare rates from different companies. |
| catastrophic health insurance plan) is a health insurance | | | | Fortunately, this is easy thanks to the Internet. You can |
| plan whereby you pay for the first few thousand | | | | go online to an insurance comparison website, fill out |
| dollars of your medical bills, then your insurance | | | | one simple form, then get rate quotes from a number |
| company pays the rest. | | | | of insurance companies. |