What is HSA account ?

[SardarGabbarSingh]

What is HSA account ? Can someone please explain me what is the advantage of having the account ? 

 

How is can we open the account ? 

[gunturfriends]

Health Saving Account - usually this is chosen to compensate the high deductible burden.

For example in a PPO plan, you may have 1000$ deductible and 25$/50$ copay. But your premium (for a family of 4) might be around 1000$ - 1300$.

where as in case of HSA plans - deductibles per person range from 3000$ to 6000$ per person (family could be more than 10000$) but the premium is significantly lower than PPO.

usually if you are healthy and don't need or only few visits (obv. preventive is free in both plans) then you can save by choosing HSA plan as you are paying less premium over the year and fees for few visits.
but the risk is incase you had unexpected major expense like surgery or so, you need to pay few thousand $ as deductible. To cover that expense, you can use HSA account (usually tied with HSA plans) to save some money in that account which you can use only for health care expenses( dr. bills/medicines/labs etc). This is pre-tax money. In case you accumulated so much , you can withdraw after tax/penalities.

And lot of people just put the difference amount in PPO plan premium to HSA premium and can save up to 7000$ (family limit)

 

 

[srinima]

optum bank ani kottu... you can open an account using this.

[PakkintiKurradu]

pre tax dollars ni every paycheck lo kontha aa account ki pampistav.. its like a bank account for medical needs.. advantage is tax padadhu.. disadvantage is only health bills ki vadachu aa money