Who Should Have a Health Savings Account?

Before we answer the question, "who should have a health savings account?" , this matter of health insurance needs to be clearly understood by one and all. Health care today is one of the most important expense items in every individual’s payouts next only to mortgage payments. US Treasury Department has defined HSA in simple words. HSA is a special account where in individuals can provide for current medical expenses while at the same time save for future medical expenses. In other words HSA...

What is an HSA?

A Health Savings Account is a plan that an individual purchases to safeguard against future and current expenses for medical care. A HDHP plan is a High Deductible Health Plan and an HSA is often used in conjunction with that type of health coverage. An HDHP plan is one that doesn’t cover medical expenses for the first dollar unless it is for preventive care. It can be an indemnity, PPO or HMO plan as long as the requirements are met. On December 8th, 2003, President Bush signed the HSA plan ...