Health Savings Accounts or HSA’s are growing in popularity. Currently, it is estimated that there over 3 million HSA owners, and by 2010, the Treasury Department estimates as many as 45 million Americans will be covered by HSA plans.
So what is an HSA, and how can it help you pay for medical bills? With an HSA you can invest tax-free money towards your healthcare expenses. You get to choose the type of investment - anything from savings accounts or money market funds, to a full brokerage house. If you invest wisely, you could have well over $500,000 in the account when you retire. You will be able to use that money to pay for your healthcare in whatever way you please, tax free, under the guidelines established by IRS. If you decide to treat a condition with traditional medicine or alternative medicine such as acupuncture, homeopathy, or psychic healers, you can do that too. Whoever offers you the service you want with the best combination of quality and price should get your business. And since you are the one paying, it will be completely your choice.
One of the key aspects to health savings accounts is a system that is responsive primarily to individual consumers, rather than to third-party payers. This concept is known as consumer driven health care. If you do not currently have an HSA-qualified plan, you may want to consider obtaining one before you receive your medical treatment. If you qualify for coverage this may enable you to write off the entire cost of your trip. HSA instant quotes are available from HSA for America.
What can that mean for you? Healthcare freedom! You can get the treatment you want and it is tax free. You can contribute to these accounts and may withdraw the funds at anytime for am eligible medical procedure. Many medical insurance plans do not allow for alternative health treatments or do not pay for getting treatments abroad. An HSA allows you to do this.
Many companies now offer HSA’s to their employees and the funds are deposited pre tax. The funds can even be invested in IRA’s and can offer an even greater tax break to those over 65. These funds can be withdrawn in a variety of ways. Some offer checks and Debit cards to be used for medical purposes. Make sure you find out if a particular service is considered medical treatment, although under current federal guidelines most services are.
This is great news for medical tourists. These are savvy people like yourself that want control of the medical treatments they receive and where they receive it. Using a HSA in conjunction with going abroad to places like India, Costa Rica, Mexico for medical treatment can save you thousands of dollars. In addition you will not have to wait months for treatment like you do in the United States or in countries like Canada or Great Britain that have a socialized medicine structure.
Where can you book that healthcare trip and find out more about HSA’s? Log onto Placidway.com. You will find destinations around the world for medical care; you will be able to request information from an esteem healthcare provider as well as sign-up for an HSA account. The best part is that the service is free. Sign on today!
2007-09-01 / Updated on: 2021-01-08