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Obtaining a savings account, also known as an MSA, is a great way to save money while also ensuring that you are protected when it comes to paying for medical care. This tax-sheltered savings account is very similar to an IRA account, though the funds are intended to be used for medical purposes rather than for retirement. When you make a deposit into an account, or HSA, 100% of the money you place in the account is tax-deductible if you are self-employed. According to changes that have been made to the legislation surrounding these types of accounts, many people that are not self-employed can take advantage of this tax break as well.
In addition to the tax breaks associated with these special medical accounts, you can easily withdraw funds from the account with a debit card or check when it comes time to pay for medical expenses. If you do not use all of the money from this account, it remains in the account and earns interest that can be used toward retirement. For this reason, many people refer to this special type of account as a medical IRA.
In most cases, you will be required to also obtain a high deductible insurance policy, which is also referred to as Catastrophic or Major Medical insurance policy. This type of medical insurance is used to cover the expenses associated with a major illness or accident that cannot be covered by the money that has been placed into the bank account.
With one of these special accounts, you can save money on a tax free basis while by-passing the need to purchase a traditional policy. In this way, you enjoy a greater amount of freedom when it comes to making medical choices and decisions. Unlike an HMO, you don’t have to worry about staying within a network when you have a savings account.
For many people that choose to open a savings plan, paying for the high deductible insurance policy while putting money into the special medical account is not a difficult task. In fact, many find that they can spend the same amount of money they were spending on their current medical insurance by simply applying the necessary amount to the Catastrophic insurance and putting the rest into the special account.
The money that is available through the medical savings plan is then used to pay for the smaller medical expenses. This money also goes toward paying the deductible for the high-deductible insurance policy. Then, if the need arises to use the Major Medical insurance benefits, the deductible may already be met and the remaining costs are covered by the insurance policy.
If you are interested in opening one of these medical plans, you should take the time to compare the offers from various companies. By comparing the quotes and the policies, you can select the company that will offer you the best deal to match your lifestyle and your needs. In order to help you with comparing the offers from various insurance companies, feel free to take a moment to fill out our online form. All you have to do is answer a few simple questions, provide us with contact information, and we will provide the appropriate companies with your information. Then, all you need to do is sit back and wait for the insurance companies to contact you with information regarding their account and policy offerings.
By completing a form online, you can save yourself a great deal of time and effort when it comes to comparing policies. Rather than completing numerous forms and contacting insurance companies that may not be able to provide you with the type of policy you seek, you can narrow down your choices and then select the company that is right for you.