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Medical insurance provides protection in the event that someone needs to have medical coverage or receive … More
The difference between a major medical policy and a mini medical policy is that the major policies are gen… More
PPO insurance refers to a preferred provider organization of doctors and hospitals that have their own pri… More
The two major types of individual health insurance policies are health maintenance organizations, or HMOs,… More
Health insurance coverage comes in a variety of different packages. You can buy group insurance or individ… More
One of the most hot button issues of the 2008 United States presidential election was the cost of healthca… More
When looking for affordable health insurance family plans, people often look for health coverage through t… More
A health savings account is funded by pre-tax money, which can be withdrawn to pay health care bills. Lear… More
Short-term medical insurance coverage can be very affordable, and it is intended to provide a person with … More
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Summary: A health savings account is funded by pre-tax money, which can be withdrawn to pay health care bills. Learn the benefits of a health savings account with information from a portfolio manager in this free video on finance.
Roger Groh is the founder of Groh Asset Management. He manages portfolios for many types of customers, including customers seeking growth, income, stability or international customers.read more
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"Does your employer give you the right to set aside pre-taxed dollars to spend on health care? Hi this is Roger Groh with Groh Asset Management and today we're here to talk about health care savings accounts. What it is is your own money that has been taken away before you've paid tax on it and stuck into an account that you can then withdraw to pay your health care bills. The advantage? It's pretax money. There are limitations in each state and country as to how much can be withdrawn and set aside in there. Also there are strict reporting requirements to the states and IRS in the US about how much money you've taken out and where it sits. One note, you want to be very sure that if you don't spend all of the money in your health care savings account, that it comes back to you at the end of the year or whatever time period you've setup as part of your ordinary income. That way it's the best of both worlds. While you're paying your health care bills, you're paying them pretax but nonetheless you don't tie your money up forever and forever and if you don't spend it, you get it back. Yeah you pay tax on it, but at least you get it back. Are they a good thing? They're terrific. Ask your health plan administrator or pension administrator for more information. I'm Roger Groh at Groh Asset, thank you very much for spending time with me."
eHow Article: How Does a Health Savings Account Work?
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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