Health Savings Accounts are beginning to take hold. More and more people are becoming aware of HSA plans. There are two parts to the HSA.
The first part is a high deductible health plan - a catastrophic plan that is less expensive, but powerful.
The second part is a savings account - a health savings account. This is a special account that you can open up at your local bank. Just depositing money in this account gives you a tax deduction! You can use this account to pay for a wide variety of medical expenses: doctors, drugs, dental, chiropractic, accupuncture, over the counter cough medicines, and a number of other medical expenses. Using this account rather than your hip pocket cash affords you the ability to pay for medical expenses “PRE TAX”.
