Bush pushes health savings accounts
Today Bush talked about reforming health care in America. This come on the heals of the new federal reserve chairman saying that the rising cost of health care is something that congress should address. I wondered if the new reserve chairman and Bush are working together.
Most of us have fexible spending accounts which allow you to set aside money, tax-free, for use to pay for service not covered by your health plan or to cover your deductible. Money left in fexible spending accounts is forfeited if you don't use it at years end.
The health saving accounts allows you to invest your money for current and future medical expenses and have the money grow tax free! The down side of health saving accounts is that they're only available for policies with high deductibles and you have to purchase the policy at a bank rather than signup through work. Bank of America charges $50 to set up a health savings account and they charge about $40 a year to maintain the account.
Nonetheless if you a single healthy male such as myself, you have the opporunity to build quite the health care nest egg with a health savings account-- the good thing about being single and a male is that you don't go to the doctor all that often. The health savings account allows me to simply pull money out tax free rather than put money into an account in which I probably won't use. And if I never get sick then I would have tons of money to live it up in my golden years (living in a plush retirement home in downtown Seattle will be the new way to retire).
Most of us have fexible spending accounts which allow you to set aside money, tax-free, for use to pay for service not covered by your health plan or to cover your deductible. Money left in fexible spending accounts is forfeited if you don't use it at years end.
The health saving accounts allows you to invest your money for current and future medical expenses and have the money grow tax free! The down side of health saving accounts is that they're only available for policies with high deductibles and you have to purchase the policy at a bank rather than signup through work. Bank of America charges $50 to set up a health savings account and they charge about $40 a year to maintain the account.
Nonetheless if you a single healthy male such as myself, you have the opporunity to build quite the health care nest egg with a health savings account-- the good thing about being single and a male is that you don't go to the doctor all that often. The health savings account allows me to simply pull money out tax free rather than put money into an account in which I probably won't use. And if I never get sick then I would have tons of money to live it up in my golden years (living in a plush retirement home in downtown Seattle will be the new way to retire).
posted by Fishcop at 12:30 PM
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