Health Savings Account Banks

Written by Health Savings Writer on September 17th, 2008

When looking to open a Health Savings Account, you might think that only certain banks will provide the options you’re looking for. The truth of the matter is that you can find Health Savings Account Banks just about anywhere you look. The difference is in what you want in an account. So, what should you look for before settling on a policy?

First and foremost, you need to know what kind of health insurance policy you already have. If you have a low deductible policy, you won’t qualify for a health savings account. In order to quality, you must have a high deductible health insurance policy. The thing is that most high deductible policies are actually less expensive than traditional low deductible types.

Next, you need to sit down and talk to your financial advisor to find if an HSA is right for you and your family, what the current interest rates are, and how much you can add to your account per each month. There are yearly caps on your contributions, as well as catch up rates for those over the age of 55.

As you look for the right Health Savings Account Banks, remember that the money you put into the account is yours to use for medical purposes as you see fit, not how the insurance companies want you too. Get all the facts from your banker before making any decisions. It could take care of you for many years to come. And some day, who knows maybe you’ll be looking for jumbo CD rates.

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