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With all of the acronyms it is difficult to keep up with them all. There are abbreviations, short terms and too many letters that stand for different things to even contemplate remembering them. This can leave those looking for the best insurance and other benefits confused. Health savings accounts (HSA) are a specially designed account that allows participants to contribute tax free money to a savings for medical expenses. It is like a savings account, but the money that is deposited is not taxed, allowing the consumer to have a tax break. HSA plans are not for everyone especially individuals that are in poor health or have a chronic medical condition.The money contributed to a HSA must be spent on health care related expenses; however there are some flexibility with over the counter and other associated expenses. Some confuse the term Flex accounts with health savings accounts, but the two differ. While both are a savings for future medical expenses, the money contributed to the Flex account must be used during the calendar year allotted. With the HSA the money contributed can be used for medical expenses during that calendar yet, the remainder can be carried over to the next calendar year. That way if a person over estimates their medical health payments they will not lose their money, making the HSA a safer choice.
There are some stipulations and guidelines for individuals looking to start a health savings account (HSA). If in question a broker, human resources department, employer or the actual insurance company can help make the decision if the HSA is the best choice for you.- Must be under the age of 65
- Have a high deductible health insurance
- Can not have multiple health care insurance plans
The reasoning behind the HSA is a preparatory effort to help individuals manage their medical expenses effectively, but also the health care industry is an advocate. The goal is to reduce the frivolous health care claims, frequent doctors' visits and other unnecessary medical claims. The belief is rooted in the fact that if individuals have to pay up they will likely cut back on medical visits.