If You Are Considering Changing Your Health Insurancepolicy, You Should Be Aware Of The Alternative Of AHealth Savings Account (HCA).Health Savings Accounts Started To Become Available(and Legal) In 2004, Allowing People Withhigh-deductible Insurance Policies To Set Asidetax-free Money To Fund Medical Expenses Up To Themaximum Deductible Amount.If You Dont Have To Use The Funds, It Rolls Overevery Year. Once You Reach Age 65, You No Longer Arerequired To Use It For Medical Expenses, Although Youcertainly Can; You Can Withdraw Funds Under The Sameconditions As A Regular IRA.Although You Will Be Penalized If You Use The Fundsfor Non-medical Expenses Prior To Age 65, You Can Usethe Money For Vision Care, Alternative Medicine Ortreatment And Dental Care.For 2008, An Individual May Fund Up To 2,900 Taxfree. The Maximum Deductible Would Be 1100 And Themaximum Out-of-pocket Cost Would Be 5,600.For A Family, The Maximum Tax-free Contribution Is5,800 With The Maximum Deductible Of 2,200 And Themaximum Out-of-pocket Cost Would Be 11,200.Health Savings Accounts Are Certainly A Viable Way Toshelter Income While Providing Catastrophic Insurancecoverage In Light Of The High Cost Of Low-deductiblehealth Insurance Plans.For Healthy People, It Deserves Some Research. Consultwith Your Insurance Agent For All Of The Detailsinvolving This Approach To Managing Your Insuranceneeds.
