This morning at work we had a presentation on health care plan options. With rate increases, our company is making us switch plans or pay out-of-pocket for the deductible on the existing plans. One of the options we are looking at is a high-deductible plan in combination with an HSA (Health Savings Account).
If you have not heard of a Health Savings Account, you will soon, as they are becoming increasingly popular. The concept for an HSA plan is two fold: a high-deductible health insurance plan is combined with a special tax-deductible savings account, called an HSA, or Health Savings Account. First, a high-deductible insurance plan means that the first $1000-$3000 (depending on the plan) of any medical service, often with the exception of annual physicals and other preventative care (which are covered with a small co-payment), is paid for entirely by the individual. The insurer does not begin paying until the deductible has been met, after which the insured individual is not required to pay anything. Continue reading ‘Use Your Health Savings Account to Buy Glasses Online’ »