Health Savings Accounts continue to grow in popularity among the uninsured, the underinsured, and the unhappily insured. Truly a consumer based health insurance plan, Health Savings Accounts put the policyholders in the drivers’ seat by allowing the policyholder the opportunity to guide their health care needs. It is determined by the individual the type of treatment they receive, whom they will receive care from, and how the money placed in the Health Savings Account will be used. The middle man is taken out and each individual is free to choose his or her own health care path. Traditional health insurance plans set out strict guidelines for its policyholders, leaving a number of hoops to be jumped through when attempting to receive treatment. Should a patient who is receive insurance coverage from a traditional insurance plan decide he or she would like to see a specialist, one must first receive a referral and insurance authorization in order to see the specialist. Those enrolled in a Health Savings Account can immediately schedule an appointment with a specialist of any field, in any network, in any state or country. The benefits provided through a Health Savings Account are many.

The logistics of a Health Savings Account are as follows:

• In order to participate in a Health Savings Account you must first enroll in a High Deductible Insurance Policy. Any High Deductible Insurance Policy can qualify as long as it meets the IRS requirements.
• All contributions made either by yourself or your employers are done so on a pre-tax basis.
• Unlike flexible spending accounts, the money placed in your Health Savings Account can be rolled over year after year. Should you have money left in your Health Savings Account at year’s end, the money will roll over for you to use in the upcoming year.
• If you are enrolling in a Health Savings Account as a single and have a loved one fall ill, you are able to use the money in your Health Savings Account to contribute towards their medical expenses.
• Funds placed in you Health Savings Account can be used to cover qualified medical expenses. Should you use the money for nonmedical expense you are subject to a 10% penalty.

If you are currently enrolled are actively participating in Medicare you are unable to enroll in a Health Savings Account. If you have enrolled in a Health Savings Account prior to receiver Medicare benefits, you are able to use the funds within your Health Savings Account towards qualified medical expenses.

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