This post is brought to you by HSACenter.com. All thoughts and content are my own.
I am about to start working at a part time job in my community. After reviewing the benefits package I received in the mail, I had several questions about the Health Savings Accounts that the company offers in lieu of traditional health care coverage. So what is Health Savings Account?
Basically, a Health Savings Account is a tax favored savings account you can use to pay for medical care. All the deposits are tax deductible, making your medical care tax free and possibly helping you save money on Health Insurance. I found a lot of information about the insurance and health savings accounts on the HSACenter.com website.
Along with information, the HSACenter.com website offers several calculators to help you compare plan prices, estimate your tax savings and even estimates how much you will be able to save on future health care costs. Just starting a new job and having a son off to college this fall, I am looking for ways to save money anway we can.
There are plenty of benefits to be had from using a Health Savings Account. Not only are you saving money for medical expenses during this year, the funds in the account continue to grow, even when their not in use. In other words the money in your Healthy Savings Account is never taxed when its used for medical expenses, rolls over from year to year and you can take it with you wherever you go. There are also tax savings, since the money you put in your Health Savings Account is deductible from your gross income, maybe even putting you in a lower tax bracket.
If you have questions and are looking for ways to save and still have affordable health care coverage, you should visit the HSACenter.com website and take a look around. The FAQs section was very helpful to me. They also have videos, presentations and more information to help you make decisions regarding health insurance. Don’t forget you can decide to start a Health Savings Account before April 15, 2014 and claim the deductions on your 2013 income tax returns.
Have you made any recent decisions about your health care coverage?