1. Health Care Savings Account By Joshua Prouser

2. What is a Health Savings Care Account? A Health Care Savings Account is an account used to save for medical expenses not covered by high- deductable health plans. Money for the account is put in by the person holding the account. The account covers most medical costs, such as dental, vision, and over-the-counter prescriptions. http://www.ehow.com/how_2098643_open-health-savings-account.html

3. Who Can Open a Health Care Savings Account? There are four requirments in order to qualify for a health care savings account: 1. You must be covered by a high-deductible health insurance policy. Also, you must pay for the firs $1,200 in medical costs (or $2,400 for families) before reciving benefits. 2. You can only be covered by your plan. For example, you cannot simaltaneously be covered by a spouse's plan. 3. You must be under the age of 65 4. You can not be a dependent on anyones federal income tax.

4. What Type of Expenses are Covered? Basically, a health care savings account works similarly to health insurance, except it can also pay for the insurance deductible and things not covered by your health insurance. So in total it can cover many things, such as doctor visits, ER visits, and perscriptions. And then there are the things not covered by health inusrance that are covered like dental and vision exams. And finally it covers that pesky deductible too. http://www.hsacenter.com/how-does-hsa-work.html

5. People Coverd by Health Care Savings Accounts Nearly 10 million people in America today are covered by a health care savings account, or about 3 1/4% of all Americans. About 45% of all Americans are eligible for a HAS. The 10 million people is a 25% increase of people since 2009 and an increase of 33% since 2008. This shows that with more information avalible, health care savings accounts are becoming more popular. http://www.ncsl.org/default.aspx?tabid=14462

6. Why Open One? Good question. Well as stated earlier, as long as you are covered in the requirements to have one, a health care savings account can prove to be vaulble and useful down the road. With ever increasing medical costs, any help works. And since it covers many of the expenses the high deductible insurance does not cover, it can help you financially. If you have to make many trips to the hospital or doctors due to illnesses, this helps a lot. Or if you are perfectly fine, but want it for down the road, it will making paying for things then a bit easier.

7. Deductibles, Premium Deductibles are the amount of money (fixed) that you pay before you are entitled to the benefits of health insurance. This amount is calculated yearly. There is also a premium which is a monthly charge for having the insurance. Prices vary and are usually seperated into individual plans and family plans. Most commonly used, usually by relatively healthy people, are high-deductible payments. This means that they only pay for what the medical costs performed for them on a monthly basis and since they are healthy, it will be very low. According to the National Conference of State Legislatures, the average high deductible payment in 2010 was $1,200 for single plans and $2,400 for family plans. http://health.howstuffworks.com/medicine/healthcare/insurance/deductible-copay1.htm

8. Co-Pay A co-pay is part of an insurance plan in which you pay a part of the total cost of the health care service at the time the service was given. This is always given in a dollar amount rather than a percentage of the cost. This amount is usually relatively low, like $20 for a doctor visit or $10 for perscription drugs. The remaining cost is covered by the insurer. http://www.investopedia.com/terms/c/copay.asp

9. Maximums in Health Care The maximum that a health care plan can cover for any medical expenses varies when it comes to a single person, family, and a person's age. For a single person under the age of 55, the maximum is $3,050. For a person 55+, the maximum is $4,050. For a family, the maximum is $6,150. The yearly maximum that can be put into a health care plan is $2,900 for a single person and $5,800 for family plans. http://www.hsacenter.com/2010limits.html http://www.hsabenefitsconsulting.com/how-much-you-can-put-in-your-hsa/

10. Taxes on Health Care Not all people have to pay taxes on their health care, but some will have to. Those people in include people with high-value group (family) plans. They will have to pay a 40% excise tax, starting in 2018. Also, this could be passed onto employees covered by this kind of policy by lowering their ages or benefits and/or raising their premiums. Also, starting in 2013, families making more than $250,000 will end up paying more in Medicare Payroll taxes compared to others. http://www.nytimes.com/interactive/2010/03/21/us/health-care-reform.html

11. Where to Find Health Care Savings Account More or less, you can find health care savings account in many large banks like Bank of America but you must have a high- deductible insurance plan before applying for a health care savings plan. One national bank that offers them is TD Bank. http://www.depositaccounts.com/savings/health-savings-accounts.html

12. Quizzical Time 1. What is the maximum age you can be to open a health care savings account? 2. What is a co-pay? 3. About how many people have a health care savings account? 4. What will happen in terms of taxes on health care for the year 2013?

13. Now for some ANSWERSSSS 1. The maximum age to open a health care savings account is 65 years old. 2.A co-pay is part of an insurance plan in which you pay a part of the total cost of the health care service at the time the service was given. 3. Roughly 10 million people currently have a health care savings account. 4. In 2013, families making over $250,000 will pay much more in Medicare Payroll Taxes.

14. How To Determine if an Health Savings Account is Right For You Read the Information on the following Website: http://www.ehow.com/how_2098643_open-health-savings- account.html