Laid-Off Workers Turning to Tax-Deductible Health Savings Accounts
As millions of Americans lose their jobs, affordable healthcare plans are becoming increasingly important. Health Savings Accounts are becoming popular tools to help employees pay for the cost of their healthcare, even when they have COBRA plans.
Fort Collins, Colorado -- An estimated 2.6 million Americans lost their jobs in 2008 and thousands more are expected to lose their jobs in 2009. With many Americans accustomed getting their healthcare coverage through their jobs, millions now turn to alternative coverage options so they can continue to have affordable healthcare. One of the most affordable and practical health care coverage options is a Health Savings Account (HSA), according to HSA for America.
An HSA is a tax-deductible savings account that lets individuals set aside money to cover the cost of their healthcare. Like with an IRA, individuals can invest the funds from their HSAs into high interest rate mutual funds, stocks, money markets, and more. The growth on those investments is tax-free and the money can be used to pay for qualifying medical expenses, including dental expenses, mental therapy, physical therapy, alternative treatments (such as acupuncture), transportation and lodging related to medical expenses, and even non-prescription medications.
"We're finding an increase in interest for our HSA plans," said Wiley Long, President of HSA for America. "As Americans are losing their jobs, they are recognizing that they still need to find a way to afford healthcare for themselves and their families. An HSA is a great addition to a high-deductible insurance plan, like a COBRA plan, because it gives individuals a tax deduction when they set aside money for their healthcare. The money grows tax-free in the savings account. Then, if they need the money for something else down the road that is not related to their healthcare, they can still have access to that money."
Moreover, according to a recent survey by Information Strategies, Inc., 50% of individuals on COBRA that also have an HSA policy are using their HSA funds to pay for their high COBRA premiums each month. Only 51 percent of survey respondents said they have actively investigated HSAs as an alternative healthcare benefit. "We are hoping that more laid-off workers take a look at HSA plans as a way to cut their health insurance costs," said Long. "HSAs not only benefit individuals, but they can also be used to cover healthcare costs for an entire family."
More About HSA for America
HSA for America offers a wide spectrum of Health Savings Account programs for individuals, families, and businesses that help members save up to 50 percent off of the cost of their health insurance. HSA for America's HSA plans reduce insurance premiums, and allow members to save money on qualifying medical expenses, including dental expenses, mental therapy, physical therapy, alternative treatments, transportation and lodging related to medical expenses, and non-prescription medications.
For more information about HSA for America programs, visit www.health--savings--accounts.com.
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