Insurance Analysis
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Q&A: Health savings accounts can be a viable option
If you have a high-deductible health insurance policy, then you know that paying out-of-pocket for expenses until your deductible is met can be a challenging proposition.
Health savings accounts are interest bearing bank accounts that allow you to pay for qualified medical expenses and get a federal tax deduction on your contributions.
They keep the money for your medical expenses separate from your other savings and make payments easy to make. The interest rate will depend on the bank rates.
The maximum amount you can contribute to health savings accounts is $5,000 per year. Any unused amount from one year can be used the following year.
Three Features Of Online Savings Accounts To Help Save Money
Online savings accounts offer consumers many opportunities to help save money due to a wide variety of account features for managing ones finances more effectively. Of course, not all consumers are familiar with online banks. Although a customer may be hesitate to move their savings account from a traditional brick and mortar bank to an Internet bank, there are substantial benefits to be realized.
Traditional banks carry many expensive overhead costs which online banks may not incur.