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What you need to know before buying Health Insurance

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HSAs Offer Health Insurance for People Who Feel They Don't Need It

Health insurance premiums are expensive; and without a chronic medical condition that requires frequent doctor visits, or regular medication, you may feel that your premiums are being wasted. Still, you know it's important to have health insurance in the event you are involved in an accident or become ill unexpectedly.

If you are experiencing this dilemma, your solution may be to open a Health Savings Account (HSA). These interest-bearing tax-free accounts can be opened by anyone who purchases a qualifying high-deductible insurance policy with an annual individual deductible of at least $1,100. Such high-deductible policies cost significantly less than traditional health insurance. Premium savings can be contributed to an HSA to help cover the health plan's deductible, as well as any other eligible medical expenses (e.g. dental and vision expenses) that may not be covered by the plan.

Contributions to the HSA are tax deductible and withdrawals are tax-free provided the money is used for IRS approved medical expenses. The list of approved expenses is quite broad. Money from your HSA, can be used to cover your insurance deductible and co-insurance, as well as out-of-pocket medical expenses, such as doctor visits, vision and dental care, and even long-term care insurance premiums. Even over-the-counter medications are considered an approved expense.

For 2008, you may contribute a maximum of $2,900 ($5,800 if covering your family) to your HSA. That money is available whenever you need to cover expenses your insurance doesn't pay. While the money remains in your account, it accrues interest that grows without taxation.

There is no limit on the amount of unused money in the HSA that can be carried over from year to year, and an HSA is yours to keep when you change jobs. However, if your new job doesn't offer a qualifying high deductible insurance policy, you will not be able to make additional contributions to your HSA. But, you can continue to use the money that's already in your account. That money is yours to keep regardless of your insurance coverage.

In fact, money accumulated in an HSA that is not used for medical care can be withdrawn for other uses after the account holder turns 65 without penalty. Ordinary income taxes would be owed on nonqualified distributions. If the account holder withdraws funds for other purposes before 65, a 10% penalty and ordinary income taxes would apply.