Haven't seen this topic posted yet:
Does the new Health Savings Account insurance plan (signed into law by G. Bush in Dec. 2003) seem like a viable option for reasonable-cost health care insurance? (I think it once was called a Medical Savings Account (MSA), but was severely limited or lacking in features and has now morphed into an HSA).
It supposedly lets you put away pre-tax money to pay for medical costs, and grows in a mutual-fund type account with various choices of risk/performance. You also have to buy a related high-deductible insurance policy that covers med. expenses after the high deductible is met from the accumulated savings you've stashed aside.
The stashed money is only usable towards medical until age 65, then can be tapped for ANY purpose (new sailboats, vacations, whatever) without penalty.
I've heard it referred to as a "medical IRA".
Did I get it right?
What are the plusses, minuses, and untold pitfalls?
Who are some reputable companies selling this type of insurance?
Thanks!
cfcf
Does the new Health Savings Account insurance plan (signed into law by G. Bush in Dec. 2003) seem like a viable option for reasonable-cost health care insurance? (I think it once was called a Medical Savings Account (MSA), but was severely limited or lacking in features and has now morphed into an HSA).
It supposedly lets you put away pre-tax money to pay for medical costs, and grows in a mutual-fund type account with various choices of risk/performance. You also have to buy a related high-deductible insurance policy that covers med. expenses after the high deductible is met from the accumulated savings you've stashed aside.
The stashed money is only usable towards medical until age 65, then can be tapped for ANY purpose (new sailboats, vacations, whatever) without penalty.
I've heard it referred to as a "medical IRA".
Did I get it right?
What are the plusses, minuses, and untold pitfalls?
Who are some reputable companies selling this type of insurance?
Thanks!
cfcf