Is a health savings account for you?

Depending upon your personal situation a health savings account may be an option for you to have more control over your health care dollars and in some cases save on health care costs. Industry wide it's stated that HSA's reduce health care costs long term by one-third for most people but they don't immediately create savings. For those with pre-existing medical conditions who need regular medical care and treatment, an HSA might not be for you though there is the added benefit not having to have pre-authorized providers of treatments.

Some employers are very proactive when it comes to HSA's others are not so it's important to do some research. There are a variety of companies out there that offer HSA's which also means the terms are not automatically the same and there are different plans in different states. Currently the IRS allows you to contribute up to $6,150 for a family and $3,050 for one individual per year.