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How Will an HSA Save Me Money? The Health Savings Account (HSA) is a tool to help you save money on health insurance. But how does it do that? A Health Savings Account (HSA) is just a savings account. Duh, I know. It is just like a bank account where you can put money in and you can gain some interest. But it has two special qualities that a regular bank account doesn't. First, when you put money in, that amount gets reduced from your taxable income. And you know what that means! You pay less taxes. The second thing that's different about an HSA is that you can only withdraw money for specified medical reasons. Doctor visits, pharmaceutical or over-the-counter drugs, hospital visits, etc. may be paid with HSA money. Now, all this helps you with money a little bit. You gain some interest in the account. And you pay a little less in taxes. But the real benefit comes in an indirect way. When you sign up for an HSA, your HSA custodian (insurance agent, bank, financial advisor, etc.) will ask you if you have a high-deductible health plan. That means whether you are currently covered by a health insurance policy that has a deductible of at least $1,000 for an individual and $2,000 for a family. If you don't have that type of health insurance, you cannot get an HSA. Period. But if you do, then the health insurance and the HSA fit together perfectly. You pay for the small stuff each year with your » Discuss it » Continue Reading »
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