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The recent Newsletter of the Mayo Clinic deals with the possibility of opening a health savings account (HSA).Basically it is an account into which you can deposit tax-free money to be used for future medical expenses.
Health savings accounts were established in 2003 and are becoming more common. The goal of an HSA is to reduce the money spent on health care by placing more of the responsibility on you to shop for it. (This part is a bit fuzzy to me.)
The choice of whether to start an HSA is not an easy one, and supporters and critics have different opinions on the pros and cons, as one can read it in the Newsletter.
5 comments:
My employer created HSAs for all employees. We put 1% of our salary in each pay period. We can use the money only when we retire or we leave employment. I think it's a good idea, but I don't think it is a replacement for insurance.
Thanks for the information, Robyn, it sounds reasonable.
You're welcome Jutka! This attempt at health care reform has really got Americans thinking hasn't it?
Hope you are doing well and that the weather is beginning to moderate for you. There is a touch of fall in the air here, especially today. Yesterday I heard leaves blowing around outside and could 'smell' autumn in the air.
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