Health Savings Account Tips

 

They say that the pen is mightier than the sword but it has just taken on a new meaning. Have you ever looked at a doctors hand writing? I am amazed at the fact that when my doctor writes a prescription, that my pharmacist is actually able to fill it. How can they read that chicken scratch?

Well the truth may be that they can’t. A new report just came out that says the average hospital makes an average of one medical error per person per day. A significant number of this mistakes are due to the illegibility of doctor’s handwriting.

These mistakes cost the medical community millions and is driving up the cost of health care. And guess who pays the final bill…

If you want to read the full article click here.

 

Today’s baby boomers are facing a tough financial choice. On one hand they are getting older and therefore have an increasing need for health care. However, health care cost are sky rocketing. This is causing many companied, who promised to continue to pay for their retiree’s health care to renig on that promise.

So these retires are now forced to pay a portion or all of the cost of their health insurance. Unfortunately, they have to use their retirement savings to do so. Many find themselves in a position where they do not have enough money to cover their retirement expenses any way. And now they are force to pay for their health care cost.

Fear not good people. There is a solution. A few years ago, the government created something called a Health Savings Account. To descibe the crudely, these plans allow you to combine a High Deductible Health Plan with a tax deffered savings account that can be used for retirement.

If you are looking for a means of saving money on todays high health care cost while at the same time creating an additional source of retirement income you really ought to look into an HSA.