Health Savings Accounts
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A health savings account is a tax-exempt account set up to pay medical expenses below an insurance deductible. Health savings accounts were created in Medicare legislation signed into law by President Bush on December 8, 2003. Health savings accounts are intended to encourage consumerism in healthcare by allowing you to keep any savings not spent on healthcare during the year. Thus, at the end of the year, any money left in your HSA rolls over to the next year without any tax burden.
 
High-deductible insurance policies
To qualify for a tax deduction, the government requires that you also have a high-deductible health insurance policy. Your insurance policy needs to have a deductible of at least $1050 for an individual, or $2100 for a family. This means that you pay the first $1050-$2100 of your health-related expenses for the year out of your savings. Use doclopedia to find great doctors, services, and products at competitive prices while keeping track of your expenses for tax purposes.
 
Don't have insurance?
You can still use doclopedia if you don't have a health insurance policy, but your savings are not tax deductible and you are exposing yourself and/or family to great risks. At any age or position, there is nothing more important than your health. Why jeopardize your financial security by being uninsured? At doclopedia, we strongly recommend you get a high-deductible health insurance policy. By combining a high-deductible insurance policy with a health savings account, you get the best of both worlds: affordable insurance which protects you, and a tax free account to save money for your future. Check out the links provided. You may be surprised at how little insurance costs when you link it to your health savings account.

For more information or answers to questions about Health Savings Accounts, click here.
 
 
 
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