Millions of Americans have such accounts, and millions more may open them. To be eligible, you must first have a high-deductible health plan (HDHP).
Health Savings Accounts (HSAs) are tax-advantaged savings accounts designed specifically for HDHP policyholders. HSAs are restricted to health-related purposes. With some limitations, funds may be withdrawn tax-free to pay for deductibles, co-insurance, dental and vision care, and other items. These other items include long-term care and premiums for long-term care insurance.
There are two key advantages. The first is paying for LTC premiums with pre-tax dollars (within limits based on age). The second is convenience: tapping funds one has already set aside.
"It's a shame so few people know about this," says Gott. "We're spreading the word through our business partners and to the public directly."
HSAs have proved popular since their introduction in 2004. Within two years there were 3 million accounts, and by mid-2016 there were more than 18 million, according to the 2016 Midyear Devenir HSA Research Report from Devenir. Double-digit growth is projected for 2017, 2018, and beyond.
"In the years ahead, HSAs promise to be an increasingly important tool for the health and wellbeing of our longer-living population," says Gott.
Most Americans can participate if they have or if they obtain an HDHP. However, those already covered by government health benefits -- through
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