health saving account
January 5th, 2010
Oh ya, do you mean health savings account?
Hmmm…Well, I know nothing much. But I think what it meant to be is, it’s kind of account that saves you money and simplify your medical insurance needs…
Not clear with it?
Well, not too complicated though…
Let’s put it this way…
Just think about this…You save money on your insurance premium by having a high deductible, and you put that savings in a fund (HSA) to meet future medical expenses, yes, which can be withdrawn tax-free for most medical expenses.
Well, prescription drugs, doctor visits, medical testing, dental expenses and even alternative medical treatments.
Still don’t get what is it all about?
Hey, you get it now?
I hope you do anyway.
So?
Yes, I know you might want to know this even badly, I mean quite badly if no t wrong…
Yes, I know, you are worrying about the money which is not being spent right?
Ha~Don’t ever worry baby…every year, the money not being spent would stay in the account and gain interest tax-free.
Glad to hear this huh?
Oh ya, before I forgot, did I forget to tell you that you are allowed to withdraw it if you are over the age of 65, yes, without any penalty of course…Or… you can just leave it there to meet your retirement costs…
Haha~Now what?
Hmmm…I think it’s the time for you to review your insurance policy and premium…and of course, your consideration…
Wait for no longer…it really matters.
Categories: Business and economy
