Saving Money with a Health Savings Account
A health savings account, or HSA, can save you hundreds of dollars annually on your health insurance premiums
Those under age 65 who buy a qualified health insurance plan, a high deductible health insurance plan with with a deductible of at least $1,000 per insured and $2,000 for families, can open a health savings account.
An HSA allows you to set aside pretax dollars to cover medical expenses. The amount that can be set aside is equal to the health insurance policy's annual deductible (with maxing out at $2,600 for singles; $5,150 for families).
The money can be used for medical expenses, but anything left over grows tax deferred.
In many cases, the cost savings from purchasing a high-deductible policy (low premiums) make up for the higher out-of-pocket medical expenses you'll have to pay -- not to mention the tax benefits that an Health Savings Account offers.
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