The downfalls of owning Health Savings Accounts is you have to have a good health history or know the ins and the outs of moving from a group plan to a group plan or personally owned Consumer Directed Health Care (CDHC) plan correctly.
The Health Savings Account (HSA) and the associated High Deductible Health Plan (HDHP), also known as (CDHC) is less expensive and the savings per month in premiums can be placed into the savings portion of the HSA. The premiums per month just happens to (State to state the amount saved is not equal, so total differ.) be close or more then the amount needed to put into your Health Savings Account.
The monthly premium savings put into your HSA will pay for the extra benefits you will use/or not until your deductible is meet. Then your health insurance plan kicks in just like it does on the lower deductible premium expensive health plans. That is why these plans are becoming so popular!
Hey, if you don’t spend it…it goes towards your retirement and grows tax deferred!
Keep and eye open for the Health Reimbursement Arrangements secrets that gives an unhealthy employee the option to take advantage of a Health Savings Account.
Tags: Consumer Directed Health Care, HDHP's, Health Reimbursement Arrangement, Health Savings Accounts, High Deducible Health Plans, HSA, HSA's, tax savings
