An HSA is a federally subsidized emergency fund for healthcare costs. Use a health savings account to provide extra insurance in case of unexpected medical expenses. Remember: A single visit to the emergency room can set you back several thousand dollars, even for a relatively minor issue. It may be penny-wise and pound-foolish to pick up a cheap plan with a high deductible if you'll be strapped for money should something unexpected arise. By choosing a quality health insurance plan, starting a health savings account, and educating yourself on medical expense deductions on your income tax return, you can help plan for most health situations.Ĭurrent law requires that you have health insurance, and it's the better part of wisdom to make sure you have the right coverage for you. Luckily, you can prepare for these unanticipated expenses. It's not where you prefer to put your money, but it’s smart to save up for the “just-in-case” major medical expense.
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