Unintentional injuries are the leading cause of death for people
ages 1 to 34 and the fifth leading cause of death overall.
For the years 2005 and 2006, just over 50 percent of all
personal bankruptcies were the result of medical debt by those
with health insurance. A significant percentage of those listing
medical debt as the reason for their bankruptcy are 65 and
older.
|
|
what is an hsa account?
An HSA Account is a tax-favored savings account which
allows funds to be accumulated tax-free to pay for current and
future qualified healthcare expenses. HSAs were made possible by
the Medicare Prescription Drug, Improvement, and Modernization
Act of 2003.
Most people with a qualified high deductible health insurance
plan may establish an HSA Account. To be eligible, an individual
must also: 1) not be covered under a health plan that does not
have a high deductible*; 2) not be entitled to benefits under
Medicare, and; 3) not be claimed as a dependent on another
person's tax return. An HSA Account is established with an HSA
trustee or custodian — usually an insurance company or bank
(much the same way that IRAs are established).
back |
|
