Health savings accounts (HSAs) are where you have a savings account that is set aside to pay for healthcare expenses. This means that you, not the insurance company or your employer, own and control the money in the HSA.
One of the reasons to consider health savings account in Idaho is that the money deposited into a health savings account is not taxed. The only way to open an HSA is to have health insurance with a high deductible plan.
Health savings accounts were created to control healthcare costs. The idea is that people would spend healthcare money better if they were using their own money. The hope is that people will make wiser decisions about their health and about when to get medical care if the expense came out of their pocket.
There are several factors to consider when determining whether to get health savings account in Idaho. As with all investment tools, HSAs have their pros and cons. Healthy individuals and individuals nearing retirement may see an HSA as an attractive choice. It gives them the option to offset the cost of medical care, especially after retirement.
On the flip side, if a person needs expensive medical care within the next few years and they feel worried that it would be difficult to meet a high deductible, an HSA with a high deductible may not be their best option.