Many people wonder if an HSA health plan is a good choice for their family. HSA stands for Health Savings Account, and it is a savings account that is attached to an approved high deductible health insurance policy. Since the deductible on the health plan might range from $1,000 to a few thousands dollars, this account gives families a way to pay for medical expenses before they reach their deductible.

The account has tax advantages, and in fact contributions are tax deductible within limits. Many accounts also earn interest. And, any money that is not used, is retained in the account. At retirement age, the money may be withdrawn without a penalty, so the account can also be a sort of retirement savings plan as well.

Another advantage to an HSA account is the ability to use the account money for a variety of medical services, some that are not even covered by a major medical plan! Vision care, dental services, and even health supplements may be covered!

The disadvantage of the HSA account is the fact that it requres a certain amount of discipline. Families who are not happy with HSA accounts are usually those who are not able to make regular contributions. Compare your Health Insurance Plans in your local area!

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