Health savings accounts are savings accounts that allow people to save money to pay for healthcare expenses that you would need to pay for out-of-pocket due to high deductibles. The problem with health savings accounts is that many of them are offered through an employer or company. This would mean that your employer would have to offer health insurance so that you could participate in a health savings account. Many people do not have health insurance through their jobs so this would of course eliminate any health savings account plan participation. Health savings accounts should be offered to anyone that wants to have one so that it enables them to put money away year after year for health related expenses. Typically, health savings accounts work along with high deductible plans so that the savings portion can defray the cost of a bill from your doctor or hospital because now you would have money to pay the high cost due to your the savings in your health savings account. Health savings accounts should typically be accounts that one can open at any banking institution that allow some kind of interest to accumulate every 6 or so months. It may be easier for a bank or credit union to offer these accounts rather than an insurance company because people are always changing health insurance companies. Since healthcare is now required and having a bank account is not mandated by law perhaps having insurance companies also offer health savings accounts is not a bad idea. It would go something like this: Person Catastrophic was upset about their life and the fact that they were so unhappy about everything from pay, vacations and the lack of health and retirement benefits. They never saw a physician because they could not afford it to due to the high deductible they would have to pay and physicians were considered wack. "This eats into my retirement and lunch and snacks and other stuff!" they once said. Low and behold someone heard Person Catastrophic's request for assistance on another level. Insurance company Nationass would be offering plans for those who did not get healthcare through their employer and they would also be offering health savings plans also. Person Catastrophic began to cheer-up somewhat. It was explained that since Person Catastrophic was in pretty good health for their age they could elect the preferred coverage and pay less in monthly premiums. "You mean I don't need to give you almost half my paycheck?" asked Person Catastrophic. "No." said the other person, "That's way too much money and you are paying for insurance you can't afford to use given the high deductible." Nationass is a health insurance company that offered lower plan premiums and deductibles and encouraged the use of the offered health savings account so that in the instance of having to pay a deductible due to illness ect, the cost would be covered due to the health savings account plan participation offered by Nationass. Enrolling would be simple you would just purchase insurance through your states marketplace. Then once you do so, you would then setup an account online through Nationass to access your bill information and to contribute to your health savings account. The health savings account is completely optional and your are not obligated to contribute every month. The funds or contributions are yours to keep, they roll over year after year and if you no longer use Nationass as your health insurer the money you contributed to the health savings plan will be refunded to you. "This sounds like a plan!" said Person Catastrophic. "That's because it is." said the person from Nationass. The health savings plan money earns interest for the insurance company since it is saved until needed and that money can be used by the state to lower costs of health insurance overall. Insurers now have a way of generating money aside from premiums and people who don't get health insurance from their employer get to save more money and have the health savings account to use if a health problem arises. There is no limit to what the health savings account money can be used for as long as it concerns your health or is health related and yes Nationass provides insurance debit cards so that they can be used in a pharmacy or health store. Health savings accounts-another way to offer everyone a chance to offset a deductible and to pay for other health related expenses- No quack!
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