Would a New Jersey Health Savings Account be for You?
Health savings accounts (HSA’s) have become increasingly popular in the United States. Originally started in 2004 there are over 2.5 million people enrolled in them. Before jumping on board, realize that this program will not work for all. We’re going to break out the different pieces of this form of New Jersey health insurance plan to help you determine if it would work for you.
1. A New Jersey HAS could potentially lower your costs by an average of 40%.
For all of those that pay their own health insurance premiums there’s the possibility that this would work well. Generally speaking, a self-employed and reasonably healthy individual with few medical expenses benefit the most from these plans.
2. Health savings give you greater freedom of choice.
If you are interested in being in control of your own health care, look into this type of plan. But by being more in control you must also be more responsible for your own health care decisions. Think long and hard if that’s really what you want to do. Some people prefer the co-pay method of insurance.
3. HSA’s help lower income taxes.
For every dollar you put to your HAS, you can deduct it from your taxable income. So each dollar is a deduction similar to your IRA contributions and earnings accumulate tax free. Withdrawals are tax free if you are paying qualifying medical expenses.
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