HEALTH SAVINGS ACCOUNTS (HSAs)Health Savings Accounts are tax-deductible accounts that allow people under the age of 65 to save money for future medical expenses. The requirement is that your only medical insurance must be a high-deductible health plan. The benefit is that by changing to a high deductible plan, you will likely lower your health insurance premium by a third to perhaps half of what you’d pay with a low-deductible plan. You can then deposit the savings in your HSA. HSA funds are tax-deductible, grow tax-deferred, and can be withdrawn tax-free for qualified health care expenses, including some not covered by the health insurance policy. In addition, the money can be used to pay long-term care insurance premiums.
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