5 Reasons To Have A Health Savings Account
Are you wondering if you should have a health savings account? We came up with five reasons to have health savings accounts.
1. Monthly premiums are less – High deductible health programs which are necessary for a health savings account can be 20% to 50% lower depending on the place of residence of the individual. This would mean that you pay less with each passing month.
2. Wide range of services – The money saved provides for a wide range of health care products like eye care, dental care, buying prescription drugs and much more.
3. No expiration for a Health Savings Account – The HSA contributions will continue to be in the account until the time they are used.
4. Funds can be used for any purpose – The funds that are contributed can be used for any purpose apart from health care. A tax deduction is received on the contribution and these contributions can be invested in high interest investments.
5. IRA funding allowed – If the participant to the fund does not have enough money, they can use the money from IRA to do so but it can be done just once.
All these benefits make opening health savings account a good and sensible decision.