Health care consumers with high-deductible health insurance plans may want to consider establishing a health savings account to pay for qualifying out-of-pocket medical expenses using tax-free dollars.
“Health savings accounts can be a useful tool to help with the cost of deductibles, copayments and coinsurance if you purchased a high-deductible plan,” says David Cusano, a senior research fellow at Georgetown University’s Center on Health Insurance Reforms.
Bernadette Schopfer, director of taxation at the accounting firm Maier Markey & Justic LLP in New York, has seen an increase in the number of people opening health savings accounts as more employers offer high-deductible health insurance plans to their workforce.
HSAs offer a variety of tax advantages depending on your age, income and whether you have individual or family coverage. To qualify, you must be covered under a high-deductible health insurance plan, as defined by the Internal Revenue Service.
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Contact Steven G. Cosby, MHSA with questions or to request more information and to schedule a healthcare plan evaluation, savings analysis or group plan solution for your company.