USA-HealthInsurance Makes Health Savings Accounts More Accessible to Consumers
As the popularity of Health Savings Accounts grows as an alternative to more traditional ways of covering medical costs, insurance companies like USA-HealthInsurance are making it easier for consumers to enroll in such programs.
Atlanta, GA (PRWEB) July 10, 2007
As an entire generation of baby boomers prepares for retirement, a new development in medical care emerges. People are beginning to change the way they invest their money and pay for their medical care, and the newest trend in healthcare is investing in Health Savings Accounts (http://www. usa-healthinsurance. com/health-savings-accounts. html) (HSA) rather than the more traditional flexible spending accounts. The option for HSA was created in 2003 and since then has immensely grown in popularity, with the latest figures reported reaching record highs. USA-HealthInsurance. com, a free, nationwide online service where consumers can access, compare, and purchase individual health insurance (http://www. usa-healthinsurance. com/individual_family_health_insurance. html), is now offering these innovative Health Savings Accounts. An HSA is a two-component health plan consisting of a tax-deductible, high deductible catastrophic health insurance plan, and a tax-free claims expense reimbursement and tax-deferred savings plan.
Any individual who is covered by a high-deductible health plan may establish an HSA with USA-HealthInsurance. com (originally WebInsuranceMart. com since 1999). Amounts contributed to an HSA belong to individuals and are completely portable. Every year the money not spent stays in the account and gains interest tax-free, just like an IRA. Unused amounts remain available for later years (unlike amounts in Flexible Spending Arrangements that are forfeited if not used by the end of the year). For those enrolled in self employed health insurance plans (http://www. usa-healthinsurance. com), having an HSA as a supplemental benefit program is especially helpful.
"The primary reason for HSAs is affordability, and the secondary open choice in doctors and hospitals", says Ted Officer, President of USA-HealthInsurance. com. "As a benefit of HSA coverage, you save money on personal taxes, on current and future day-to-day medical costs, and you also save money through lower rates on your health insurance. Plus, your unused, savings account funds grow tax-deferred; what you don't spend you keep year after year!"
According to Ted Officer, President of USA-HealthInsurance. com, "Tax-advantaged contributions can be made in three ways: the individual or family can make tax deductible contributions to the HSA even if they do not itemize deductions; the individual's employer (instead of or in addition to offering enrollment in a group or small business health insurance (http://www. usa-healthinsurance. com/group_health_insurance_census_form. html) plan) can make contributions that are not taxed to either the employer or the employee; and, employers sponsoring cafeteria plans can allow employees to contribute untaxed salary through salary reduction."
"It's never too late to purchase HSA coverage", says Paul Faile, Senior Manager of USA-HealthInsurance. "Individuals age 55 and older are allowed to make additional catch-up contributions to their HSAs to encourage saving for health expenses after retirement. Once an individual enrolls in Medicare they are no longer eligible to contribute to their HSA."
"You can enjoy the advantages and convenience of shopping and purchasing your Health Savings Account plan through USA-HealthInsurance online and rest assured that you're getting the best available price", says Ted Officer, President of USA-HealthInsurance. com.
"Choosing an HSA is really easy. A person can go online and can choose by state, by carrier or by quote. Enter their name, age and other information and instantly review multiple HSA plans from major insurance companies, nationwide," says Hunter Ross, Manager of Operations for USA-HealthInsurance. com. "A personally assigned qualified agent can guide consumers through the process to ensure the best possible rates and plans.
USA-HealthInsurance. com (originally WebInsuranceMart. com since 1999) is a free, nationwide, online service where individuals, families, groups and small businesses can easily access, compare, and quickly select and apply for the best and most current health insurance plans to meet their insurance needs. USA-HealthInsurance. com operates across the United States and provides the best possible rates available from major insurance companies, including rates for Tennessee, Texas, and Georgia health insurance (http://www. usa-healthinsurance. com/georgia-health-insurance. html). They also offer access to Health Savings Account enrollment with real-time customer service from a personally assigned and qualified agent.