Opening a health savings account (HSA) can save you hundreds on your health assurance premium and help pay for out of pocket expenses and deductibles. Anyone younger than age 65 who buys a qualified health assurance policy with a deductible of at least $1,000 for individuals, $2,000 for families, can open an HSA. An HSA lets you set aside pretax money up to the amount of the deductible (with an annual maximum of $2,600 for singles; $5,150 for families). You can use the money tax-free for medical expenses, and anything left over grows tax-deferred. You can use the money for anything after age 65 without penalty, but you will owe income taxes on any money that isn't used for medical expenses.
In many cases, the cost savings from buying a high-deductible policy make up for the higher out-of-pocket medical expenses you'll have to pay -- not to mention the tax benefits.
The HSA Insider Web site (http://www.hsainsider.com) has a comprehensive list of insurers offering HSA-eligible policies and financial institutions providing the investment accounts. You can also search for a quality high deductible health assurance plan to complement your HSA at Best assurance Deals (http://www.Best-assurance-Deals.net).
Charles White has authored several informational articles related to saving money on assurance. He is the owner of Best assurance Deals, a website offering several sources of free assurance quotes saving you hundreds on Auto, Life, Health, Long Term Care and RV assurance. You can visit the website at http://www.best-assurance-deals.net and save money today.