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HSA's/HDHP'sHealthcare Savings Accounts
An HSA must be combined with an HSA-compatible health plan as defined by the IRS - Reichek Financial can assist with determining if a health plan is compatible. High Deductible Health PlansA high deductible health plan (HDHP) requires substantially higher than average out-of-pocket expenses before the insurance company will start paying for your medical expenses. However, the premiums for an HDHP are generally lower than the premiums for traditional insurance plans (PPO, HMO, etc). The HDHP may also pay a larger percentage of your expenses once you have satisfied the deductible. If you have an HDHP, you may be eligible for a health savings account (HSA), which allows you to make tax-free withdrawals to pay for medical care that's not covered by your plan.
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