How to Purchase a Health Savings Account

Video Transcript

"Hello everyone. This is Chris Markowski, president of Markowski Investments and host of The Watch Dog on Wall Street radio show, here to talk about health savings accounts. One of the...I think one of the most important pieces of legislation to come out of Washington D.C., and that's....ooh! that's an oxymoron in and of itself. Good legislation out of Washington D.C. over the past eight years, was the idea of actually putting together health savings accounts. Health savings accounts are almost like an IRA, if you want to think about it. It's a vehicle where people can put money in to, over the course of the year. And take the money out of to pay for medical expenses. Now in order to go about getting a health savings account, you get a deduction for all the money that goes in there, you have to buy high deductible health insurance. Now, I want to explain this quickly, to what I've done with my family. I have a family of five, there's five of us there. If I wanted to go out and get full boat health insurance, yes, the usual. The ten dollar deductible. The one that covers aromatherapy, and massages, and all that nonsense, it'd probably cost me about fifteen thousand dollars a year. Rather, what I did was, I got myself a health savings account, coupled with high deductible insurance. I put fifty-six hundred dollars into my health savings account. The..the premium on my health insurance is about, what? Twenty-five hundred, three thousand dollars over the course of the year, and I see savings of around seven thousand dollars a year. It's a great idea for people out there, it's especially a great idea for small business owners. Highly recommend looking in to it further. For more information on heath savings accounts, get to our web site at Watch Dog on Wall Street.com."