Health Savings Accounts: Your Insurance Against Unemployment And For Retirement

Health Savings Accounts: Your Insurance Against Unemployment And For Retirement

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Health Savings Accounts: Your Insurance Against Unemployment And For Retirement

Health Savings Accounts have the potential to not only allow investors to cover their health-care costs with tax-free dollars, but to also help protect against periods of unemployment and during retirement.

If you are under 65, you can establish a Health Savings Account (HSA) when you choose one of the high-deductible health insurance plans that work with an HSA. You can even keep an HSA while you have another insurance policy, but you cannot have medical expenses paid by both your HSA and the other insurance.

To work with an HSA, health insurance plans need a deductible of at least $1,050 for individuals or $2,100 for families. In addition, health insurance plans must have a limit of $5,250 for individual and $10,500 for family out-of-pocket expenses.

One of benefits of HSA plans is the range of investment options available. Do you plan to use your HSA funds in the near future? If so, you will probably want a more liquid, interest-bearing account, such as a savings account. If you are more interested in saving long-term and do not expect to use your HSA funds right away, look at more lucrative investment options. You can learn how to maximize your HSA investment on our website with online resources regarding choosing your high-deductible insurance, selecting an HSA administrator and establishing your HSA to give you the greatest benefits.

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