Consumers Turn to Low Cost Health Savings Accounts to Save Money

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Millions of consumers are switching to high-deductible health insurance plans that work with Health Savings Accounts (HSAs) as a way to reduce the cost of their health insurance. In addition to reducing health insurance premiums, HSAs can also help to lower taxes and provide a means for individuals to grow their savings even more.

We're finding that has been is a huge surge over the past three to four months in the amount of inquiries and enrollees into our HSA programs

As the economy becomes increasingly unstable, consumers are looking for ways to save money wherever possible - especially on the high cost of health care and health insurance plans. According to HSA for America - a leading U.S. health insurance provider, a large number of consumers are switching to high-deductible Health Savings Account (HSA) plans from low-deductible, higher rate health insurance plans.

When individuals and families enroll in high-deductible HSA-qualified plans, their health insurance premiums can be reduced by as much as 40 percent off of the cost of conventional co-pay health insurance plans. The switch to an HSA plan may save members thousands of dollars each year off of their healthcare costs. Plus, HSA plans also help to reduce the amount of taxes people have to pay each year.

"We're finding that has been is a huge surge over the past three to four months in the amount of inquiries and enrollees into our HSA programs," said Wiley Long, President of HSA for America. "Our clients are looking for ways to continue to receive high quality healthcare while also saving as much of their money as possible. The HSA option is viable for just about every one of our clients and can help to ensure that they are able to save money and still get a high level of health care."

Also according to Wiley, when people enroll in an HSA plan, they can roll their premium savings into tax-deferred investments that work similarly to IRAs. "HSA plan members can set aside money in small increments that can be used for current or future healthcare costs," said Wiley. "Just like any investment, they can continue to contribute to their HSAs for life so that they will have available funds when they need them, even if they don't need them now." Contributions to the HSA are tax-deductible, and the money growth is never taxed if it is used for a medical-related expense.

HSA for America offers a variety of HSA plans for individuals, families, and small businesses. For more information about plans from HSA for America, visit http://www.HSAforAmerica.com.

More About HSA for America

HSA for America offers a wide variety of tax-deductible HSA plans for individuals, families, and businesses that help members save up to 50 percent off of the cost of their medical expenses. These HSA programs are designed to help members save money while also growing their savings accounts through wise investments. HSA for America HSA plans allow members to save money by using pretax dollars for qualifying medical expenses, including dental expenses, mental therapy, physical therapy, alternative treatments (such as acupuncture), transportation and lodging related to medical expenses, non-prescription medications, and more.

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JIM MCFADDEN
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