SOURCE: GoHealthInsurance

GoHealthInsurance

December 09, 2010 10:54 ET

Consider the Advantages of Health Savings Accounts at GoHealthInsurance.com

Consumers Who Utilize Traditional Medical Savings Accounts Should Consider a Health Insurance Plan Compatible With a Health Savings Account This Year at GoHealthInsurance.com

CHICAGO, IL--(Marketwire - December 9, 2010) -  These days, many individuals and families utilize medical savings accounts (MSAs) and flexible spending accounts (FSAs) for saving tax-free income for health care costs. But these older types of savings accounts don't have the same benefits of a Health Savings Account (HSA).

Consumers who like the features of a tax-free account to pay for medical expenses should consider a health plan compatible with a Health Savings Account for 2011. It's easy to compare coverage options at GoHealthInsurance.com, which is a consumer-driven marketplace for health insurance shopping.

Health Savings Accounts (HSAs) offer many features that are not available with a flexible spending account or a medical savings account. For example, money saved in a HSA rolls over from year to year and earns interest, where unused funds are forfeited in other types of accounts. Health Savings Accounts are also completely portable -- consumers can take all the savings from an HSA wherever their career takes them. FSAs and MSAs are employer-sponsored and the funds cannot be moved to another job.

If that's not enough, users of FSAs and MSAs will see even more restrictions on their savings next year. In 2011, medical savings account funds can no longer be used on over-the-counter medications without a prescription from a doctor. Medications that will require a prescription include cold and flu, pain relief, anti-itch, antacids, acne medication, and allergy and asthma medication.

To open a Health Savings Account, consumers need to enroll in a high-deductible health plan. For 2010, a policy must have a minimum deductible of $1,200 for an individual and $2,400 for families. Those with an employer-sponsored group health plan can also open an HSA.

Consumers can learn more about Health Savings Accounts at www.GoHealthInsurance.com.

About GoHealthInsurance
GoHealthInsurance.com makes buying health insurance simple. GoHealthInsurance explains health coverage options in plain English, provides free health insurance quotes, connects shoppers with local agents, and helps consumers choose plans that meet their health and budget needs.

Contact Information

  • Contact:
    Michael Mahoney
    GoHealthInsurance
    888-250-3409
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