My financial advisor mentioned to my wife and I that there was an insurance company out there that sold a type of health insurance for individuals and families that sort of worked like a health care savings plan. As he described it, you pick a high deductible, say $5000. You put $5000 for the current year into an account that gradually paid the deductible as used. When the deductible was used up the insurance kicked in and paid as usual. Unlike plans in the workplace where if the money isn't used up you lose it, unused money in the deductible account rolls over into a savings account of some sort and you put up another $5000 for the next year where the unused again rolls into the "savings" account, etc. etc.This insurance was much cheaper than typical health insurance because of the high deductible and you never lost the up front money.Has anyone heard of this? Is the whole thing for the birds or is it a good thing?Wanted to know the name of a company who offered the plan so I could look into it.Thanks in advance for any replies.
Has anyone heard of this?They're called Health Savings Accounts. You can read more about the tax aspects at www.irs.gov. Your advisor should know of some providers.Phil
They're called Health Savings Accounts. You can read more about the tax aspects at www.irs.gov.You can also read more about them on the Fool's Health Savings Accounts board, here:http://boards.fool.com/Messages.asp?bid=114566Not too active, but numerous lurkers waiting to post. There's some decent info in past posts, too.Ken
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