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  • 04-21-2019, 07:46 PM

    Re: Health Savings Account scams

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  • 01-17-2017, 08:23 PM
    Jonathan Mase

    Re: Health Savings Account scams

    Jonathan Mase from Suffern, NY here.

    Great post! Health savings accounts are a fantastic and relatively unknown option. They're especially useful as an adjunct to catastrophe insurance. Although catastrophic health insurance is much less common than it was before the Affordable Care Act, I expect we'll see a comeback with the changes that are going to be made to Obamacare. Health savings accounts can cover routine healthcare needs, and very inexpensive catastrophic insurance covers hospitalization.
  • 05-25-2016, 02:42 PM

    Health Savings Account scams

    If you are considering changing your health insurance
    policy, you should be aware of the alternative of a
    Health Savings Account (HCA).

    Health Savings Accounts started to become available
    (and legal) in 2004, allowing people with
    high-deductible insurance policies to set aside
    tax-free money to fund medical expenses up to the
    maximum deductible amount.

    If you donít have to use the funds, it rolls over
    every year. Once you reach age 65, you no longer are
    required to use it for medical expenses, although you
    certainly can; you can withdraw funds under the same
    conditions as a regular IRA.

    Although you will be penalized if you use the funds
    for non-medical expenses prior to age 65, you can use
    the money for vision care, alternative medicine or
    treatment and dental care.

    For 2008, an individual may fund up to $2,900 tax
    free. The maximum deductible would be $1100 and the
    maximum out-of-pocket cost would be $5,600.

    For a family, the maximum tax-free contribution is
    $5,800 with the maximum deductible of $2,200 and the
    maximum out-of-pocket cost would be $11,200.

    Health Savings Accounts are certainly a viable way to
    shelter income while providing catastrophic insurance
    coverage in light of the high cost of low-deductible
    health insurance plans.

    For healthy people, it deserves some research. Consult
    with your insurance agent for all of the details
    involving this approach to managing your insurance

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