As the oldest members of the Baby Boom generation reach their 80s in the next few years, the number of Americans needing assistance with the challenges of aging is, not surprisingly, on the increase.
In a recent study of persons nearing retirement age conducted by Bank of America affiliate Merrill Lynch, two of the top worries of respondents were health concerns and the cost of healthcare.
Health Savings Accounts (HSAs) were established by federal law in December 2003 when President Bush signed the Medicare Prescription Drug Improvement and Modernization Act of 2003. HSAs are tax-free financial accounts that offer another way to help individuals save for future health care expenses. To open an HSA, you must have a high deductible health plan (HDHP).
This year marks the 10th anniversary of the creation of Health Savings Accounts (HSAs) tax-advantaged savings vehicles created as part of the Medicare Prescription Drug and Modernization Act that allow individuals with High-deductible Health plans (HDHPs) to save money for health-care expenses.