Do you pay a lot for out of pocket expenses? There are many various expenses, it can be co-pays, or visits to non-covered medical services, like your Naturopathic Doctor, Chiropractor, or Acupuncturist? For some it can also mean the costs of first-aid items.
Well you may benefit from having an HSA. Not everyone can take advantage of this tax-free plan. Every year there are likely changing numbers to qualify who is eligible.
Currently, as of Fall 2017 you can qualify if you are an individual/family, with a PPO, and a high-deductible health plan, who is not a dependent, or on Medicare. A high-deductible health plans means, a minimal annual of $1300 for individual or $2600 for a family, with a max out-of pocket of $6550 or $13,100 respectively .
There are actually many things you can use your HSA for; including vision, dental, therapy, service animals, lodging, meals, and much more!
Personally, I think this is a great option, for the person who doesn’t go to the doctor often, is into wellness care v.s. disease care and those who are self-employed to help save them on their insurance premiums.
One of my favorite things about the HSA, is it really does act like a savings account, where you can always access these funds, even if you are no longer contributing, and it can roll over into an investment account, like an IRA.
Discuss your personal health care needs with your insurance agent, ideally prior, or during open enrollment (Nov 1-Dec 15), so you both can make a decision of what is right for you.
For more information: visit IRS
Photo Credit: https://www.westernhealth.com
