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State Farm Health Insurance Offers Health Savings Accounts

Posted Feb 24 2010 6:27pm

Health savings accounts are a useful tool many consumers can use to save wisely.  A health savings account (HSA) is an alternative to a traditional health insurance policy.  It can be used along with your health insurance as well.  It’s a savings account that allows you to pay for health care items out of this account specifically.

HSAs make it possible for you to pay current health care expenses and save for future expenses on a tax-free basis.  Many employers and insurance companies such as State Farm Health Insurance offer HSAs.  In order to take advantage of this type of plan you must have a High Deductible Health Plan which generally costs less than traditional health insurance.  They money that you save on monthly premiums can be placed into your savings account.

There are many benefits to taking advantage of an HSA.  You own and control what goes into your HSA.  You make decisions on how to spend the money on the HSA, as long as it is an approved medical expense.  You can also control the type of investments you put your money into.  Look into getting a HSA if you think it will work for you.

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