Fort Collins, CO (PRWEB) May 17, 2006
HSA for America, the nation’s leading broker for individual and family health insurance plans that qualify to work with Health Savings Accounts (HSAs), has just released a comprehensive report on HSAs entitled “The Complete Consumer’s Guide to HSAs.”
Health Savings Accounts enable people with qualifying high-deductible health insurance plans to set aside money in a tax-favored account, which grows tax-deferred and can be used tax-free to pay for future medical expenses. “There seems to be a large lack of understanding about how HSAs work, even among bankers, insurance agents, CPAs and other financial advisors”, says Wiley Long, President of HSA for America. “We put together this report to help people understand how they can use an HSA to lower their taxes and their health insurance premiums, and at the same time build a second retirement account.”
“Because an HSA is the only investment tool that gives you a tax-deduction now, along with tax-free withdrawals later, it is actually the first retirement vehicle you should fund”, added Long. “Medical bills will be a large expense for the typical retiree. By establishing a fund now that can be used to pay for future medical expenses, one can make their retirement dollars go much further.”
Mr. Long points out many people don’t realize all the benefits an HSA plan offers. “You can take money out of your HSA tax-free to cover medical expenses that wouldn’t normally be covered by a health insurance plan.” Examples of expenses that can be paid for from an HSA include alternative medical treatments such as homeopathy, household medical expenses like aspirin or cough syrup, eye exams and dental treatment.
The report, available at no charge from HSA for America, includes strategies for maximizing tax deductions and fund growth, information on record-keeping requirements, and instructions on how to choose the right insurance plan.
Also included is information on choosing an HSA administrator. “When you purchase an HSA-qualified health insurance plan, most insurance companies also help you set up your HSA. But there are many banks and institutions offering health savings accounts with lower fees and more investment options than the HSA available through the health insurance company”, says Long.
About HSA for America:
HSA for America is an online health insurance broker specializing in Health Savings Accounts. Our Mission is to find individuals and families the best coverage available to meet their needs at the lowest price the market offers, while at the same time making the process easy. You can visit us online at http://www.health--savings--accounts.com/.
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