How to use your Health Savings Account
It's that time of year! No, we're not talking about the impending holidays, we're talking about health care enrollment. The very idea has some people groaning, but there are some simple things we need to know to benefit us financially.
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5 tips for understanding HSAs and FSAs as enrollment season nears
By Jeremy Miller, Contributing Writer, August 25, 2015
Employee benefit open enrollment is right around the corner.
Each year is an opportunity to save money and time while preparing for health care expenses now and in retirement.
Tax-advantaged spending accounts called health savings accounts (HSAs) and flexible spending accounts (FSAs) help do this.
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Using a health savings account for medical costs — and retirement
By Lisa Zamosky
When AT&T switched his health plan several years back, project manager Dave Eis says he found himself with only one option — a high-deductible plan. Today, he sees it as a good thing.
"Cost-wise I didn't perceive it as negative, because it lowered my premiums. My monthly premiums probably went at the time from $250 down to $60 per month," he says.
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Your Money Adviser
By Ann Carrns, July 17, 2015
HEALTH savings accounts are becoming more prevalent, but it’s not always easy for consumers to know what items they can purchase with funds from the accounts.
H.S.A.s are special tax-favored savings accounts that must be paired with a specific type of health insurance plan that meets certain criteria, including a high deductible. The accounts can be used to cover your plan’s deductible, co-payments and treatments your plan doesn’t cover, like dental care or acupuncture. Deposits are tax-free and withdrawals are, too, as long as the funds are spent on eligible medical expenses. Money in the account rolls over year to year if you don’t spend it. And unlike other types of health spending accounts, H.S.A.s go with you if you get a new job.
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