Friday, August 04, 2006
Forbes, Kiplinger's offer HSA advice
[Karen Pallarito, "Bank on HSAs for Healthy Deposits," HealthDay News, Forbes, 3 August 2006.
Thomas M. Anderson, "Save on Health Care: How to make the most of a pretax health savings account," Kiplinger's Personal Finance, August 2006.]
Forbes re-printed a HealthDay News piece on health savings accounts that discusses their tremendous growth, and makes the following recommendations for interested consumers:
Here are some other things to look for when you're starting your HSA:
- Easy deposits. Can you or your employer deposit funds electronically -- for example, via payroll deductions?
- Easy withdrawal. Does your bank offer a checking, debit or credit card option?
- Attractive interest rates. Look beyond the potential return on investment products. Does your bank offer a competitive compound rate on liquid funds in your HSA?
- Ability to check your balances. Can you do business with your bank online?
Kiplinger's offers similar tips:
[T]o get the most out of an HSA, it pays to follow a few simple strategies. Many banks and insurance companies offer HSAs, so pay attention to setup, administrative and investment fees that can whittle away at your account's tax-free earnings.
Access to your money is often by check or a debit card tied to the account. Some firms offer a credit card for times when medical bills exceed the HSA balance. Don't use the credit option, which typically costs 9% to 12% in interest. Instead, work out a payment plan with the health-care provider. Bargaining may "freak them out," says Bailey, but it works. He saved 10% on a routine dental cleaning just by asking for a discount.
[Devon Herrick, "Health insruance is better to own than rent," The Dodge City Daily Globe, 23 March 2005.]
Thomas M. Anderson, "Save on Health Care: How to make the most of a pretax health savings account," Kiplinger's Personal Finance, August 2006.]
Forbes re-printed a HealthDay News piece on health savings accounts that discusses their tremendous growth, and makes the following recommendations for interested consumers:
Here are some other things to look for when you're starting your HSA:
- Easy deposits. Can you or your employer deposit funds electronically -- for example, via payroll deductions?
- Easy withdrawal. Does your bank offer a checking, debit or credit card option?
- Attractive interest rates. Look beyond the potential return on investment products. Does your bank offer a competitive compound rate on liquid funds in your HSA?
- Ability to check your balances. Can you do business with your bank online?
Kiplinger's offers similar tips:
[T]o get the most out of an HSA, it pays to follow a few simple strategies. Many banks and insurance companies offer HSAs, so pay attention to setup, administrative and investment fees that can whittle away at your account's tax-free earnings.
Access to your money is often by check or a debit card tied to the account. Some firms offer a credit card for times when medical bills exceed the HSA balance. Don't use the credit option, which typically costs 9% to 12% in interest. Instead, work out a payment plan with the health-care provider. Bargaining may "freak them out," says Bailey, but it works. He saved 10% on a routine dental cleaning just by asking for a discount.
[Devon Herrick, "Health insruance is better to own than rent," The Dodge City Daily Globe, 23 March 2005.]
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