Health Savings Accounts Appeal to Forward Thinking Individuals
People who are pro-active about their health often choose HealthSavings Accounts. Learn why Health Savings Accounts are so attractiveto these types of people and why more people should consider an HSA.
By choosing a Health Savings Account,one is betting on themselves in a way. If you stay healthy, then with a typical health insurance plan yourejust out a lot of money. With a HealthSavings Account, not only will you pay significantly less in premiums, but atthe end of the year you have a nice deposit of up to ,650 sitting in youraccount. Money which you didnt pay anyfederal income taxes on, state income taxes (with the exception of four states)on, or social security taxes.
Lets say a 30-year old man with a family opens a HealthSavings Account and has a high-deductiblehealth plan that allows him to fund the account with ,650 each year. If he takes ,000 or less out each year formedical expenses, and earns a 10% return on his money, hell have ,422,878when he retires.
The best way to accumulate this much money in your HealthSavings Account is to stay healthy, so that you dont need to access thosefunds to pay for medical expenses. Thegood news is that the vast majority of diseases and disorders people have arethe direct result of their lifestyle choices. High blood pressure, cancer, diabetes, Alzheimers, digestive disorders,endometriosis, osteoarthritis, osteoporosis, and more, are all largelypreventable.
The Average Guy Doesnt Get It
The average American lives as if social security, a fewprescriptions, and some good luck will take care of him in his lateryears. So he saves little forretirement. He eats packaged foods likeFrench fries, chips, cokes, pasta, and cold cuts. And over the years he puts on a few extrapounds, and he gets out-of-shape, and he gets high blood pressure, and highcholesterol, and eventually heart disease, cancer, diabetes, or Alzheimers.
Insurance Companies Get It
Some insurance companies do understand the tremendous impactlifestyle can have on health, and are beginning to institute programs toencourage healthy lifestyles among their customers. Healthy policyholders will use their coverageless, resulting in lower rates for them, and better customer retention andhigher profitability for the insurance company. Some insurance companies started new programs designed to help rewardtheir customers for staying healthy. Theprograms provide health risk assessments, personalized health-improvementplans, email access to trainers, counselors, and nutritionists, and evencredits that can be redeemed for health-related merchandise.
HSA Owners Get It
People who open Health Savings Accountsare proactive. They act ahead of time,and think about how their actions now will affect their future. That is why they put away tax-deferred moneyfor future possible health expenses, and that is why many are also interestedin taking a proactive approach to their health. Choosing to live an extraordinarily healthy life, and actively makinglifestyle changes, is an activity that will bring tremendous returns. Tax-free, just like an HSA.
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