HSA Health Insurance

By Phil Rather

HSA Health Insurance - Begin Saving For Your Current and Future Health Expenses. HSA health insurance stands for Health Savings Account, and it's gaining popularity among people from all economic brackets. While it's been mainly used by people with high deductible plans, anyone can use an HSA to save for future medical expenses. It's simple to create and fund an HSA account if your employer offers one. You decide how much you want to contribute at the beginning of the year, and that amount is added to the account automatically. You then pay for the account throughout the year via payroll deductions.

Unlike a flexible spending account, the money you put in your health savings account rolls over to the next year, so you don't have to use it all up if you don't need to. Further, the funds you contribute are pre-tax contributions, which is a great money saver. You can use the funds in your account any time you want o pay eligible medical expenses that aren't covered by your insurance, such as co-pays, lab tests, over the counter drugs, and more. 

  

One of the great things about a health savings account is that you own the account, not your employer. This means that if you leave your job, you won't lose the funds in the account. You won't be able to contribute additional funds, but whatever is there will still be there for you to use at your convenience, until it's all gone. This isn't the case with a flexible spending account. 

  

You don't need approval to use your HSA health insurance, so it's easy to access your funds. As of right now, you're allowed to contribute a maximum of $2,900 a year to the account if you're an individual, and up to $5,800 a year for families. You can access your account in one of several ways: 

  

1.    Debit cards-Your employer will provide you with a Visa or Mastercard debit card, on which your account funds are loaded. You can use this card anywhere that accepts Visa and Mastercard. This is the most popular and most convenient of all the access options. 

2.    Checks-You may be provided with checks to access your account. You simply write checks on the amount in the account, just like it was a checking account. 

3.    Reimbursement-With this option, you pay for services directly, and then your HSA health insurance account pays you back. The type of access you get to your account depends on your employer. If your employer offers this type of account, you should seriously consider using it, as it can save you a great deal of money on medical services throughout the year, and you'll always know you can pay for services, even if you have no money for anything else available to you at the time!

You can also benefit from reading the other in: Insurance Health Companies and Personal Medical Insurance