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Factors to consider when choosing an insurance plan

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Health Savings Accounts (HSAs)

Another option when choosing health insurance plans is a Health Savings Account (HSA), which is a personal savings or investment account that you can combine with a high-deductible health plan. You can contribute to the HSA account on a tax-free basis and use the funds to pay for qualified medical services. HSAs give you more control over how you spend your medical dollars, such as the flexibility to decide when to pay out-of-pocket or from the savings account. You also can use the HSA funds to pay for eyeglasses, therapy, or even smoking cessation programs, depending on the HSA you choose. Talk to your tax accountant or financial adviser to see if an HSA offers cost advantages for you.

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Health Savings Accounts (HSAs)
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