Why Everyone Should Have a Health Spending Account
More people are learning about the different types of health spending accounts and deciding they are a wise precaution. In fact, some say that no one should be without this type of account. If you are thinking about the possibility of adding such an account to your health care planning, here are a few reasons that will help you decide to move ahead.
4 Simple Reasons Why Everyone Should Have a Health Spending Account
#1. No Insurance Necessary
Unlike some other approaches, Benecaid HSA accounts do not require clients to have personal or employee provided health insurance coverage. The amount of benefits you can receive from the account depends on the maximum amounts you allocate for different types of medical treatments or expenses.
Many people establish HSA accounts as a way to cover any deductibles or co-pays associated with their health insurance plans. Others see them as a way to cover medical expenses when they are in between jobs and have no coverage. Either way, you won’t have to be concerned about how to pay for some type of treatment if it becomes needed.
#2. Save at Your Own Pace
It’s easy enough to determine how much you can set aside each month for your HSA. Using information like income level, basic living expenses, and any other debts you are currently retiring, you can set a goal for the monthly contribution. As your circumstances change, it’s possible to adjust that amount to a higher or lower figure. That means continuing to contribute to the plan will not be a hardship. It will ensure that you continue to protect yourself from financial ruin should some type of medical issue arise.
#3. Covering Treatments Your Insurance Doesn’t Cover
While the health insurance plans of today tend to cover a wider range of treatments than in decades past, there are still some forms of medical care that are not typically part of those plans. What happens if you believe one of those other forms of treatment would help you overcome a health issue? One way it to pay the total cost out of pocket. The other is to put the funds in your health care extended account to good use.
An attractive perk of the typical HSA is that the funds can be used for medical treatments not covered by your insurance. That means if your health policy does not cover visits to a chiropractor, it’s possible to pay for those treatments using the money in your HSA.
#4. Financial Support When You Need It Most
No one is immune from experiencing a severe medical emergency. What would happen if you were suddenly unable to work and could not continue to pay for your health insurance? How would you manage until it was possible to file and begin receiving other forms of government-provided care?
If you have a health savings account, the answer is a simple one. The funds in your HSA will help you get through the emergency by paying your medical expenses. Once you are well and back to work again, it will be possible to secure a health insurance plan again and start rebuilding the balance in your account.
The Bottom Line
Talk with a professional today and learn more about health savings plans. You are sure to find it is a practical and affordable way to protect you and your family.