Banks Offering HSAs With Checking Accounts
Posted on: Sunday, 25 December 2005, 21:00 CST
U.S. banks are offering health savings accounts, which are paired with high-deductible health insurance plans, which can be linked to checking accounts.
HSAs allow individuals and employers to set aside money before it's taxed to pay for doctor, hospital and other medical bills.
Consumers can use checking account debit cards linked to the HSAs to pay medical bills.
In addition, the HSAs allows individuals and employers to buy less costly high-deductible health insurance policies to cover expenses once they exceed at least $1,000 for a single person and $2,000 for families, reported the Detroit Free Press Sunday.
Unlike flexible spending accounts, the money in HSAs can be rolled over year after year and can be invested in mutual funds.
The funds remain with the holder through job changes and retirement.
Source: United Press International
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