Healthcare Help For Entrepreneurs? Health Savings Accounts-What They Are And Why They Work
If you are in business for yourself, you have probably already discovered that individual health insurance is extremely cost-prohibitive. You may think paying outrageous fees is your only option. Or even that you cant afford health coverage at all.
What Are Health Savings Accounts?
A Health Savings Account (HSA) is an insurance policy that was actually designed with the self-employed and the small business owner in mind. According to Mark Baker, HSA specialist for Golden Rule Insurance Company, an HSA is a higher deductible health insurance plan that is coupled with a tax advantage savings account.
The difference between purchasing individual healthcare and investing in an HSA is similar to the difference between renting a home and buying one. If you rent, each month you write out a check to help your landlord pay off the home you are living in (and you dont even like him!). If you buy, you incur a higher cost up front with the deposit. But with every payment, you build equity.
The Bad and Good:
You start with a high deductible. Not an attractive...
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