What are HSA and Archer MSA Savings Accounts and Can they be Beneficial to the Self-employed??
Paying for your own health care sounds like an impossible task, but it really isn’t. You open up a health savings account (HSA), and instead of paying premiums to a health insurance company you would insure yourself with your own money. The money in your HSA would will grow interest and go untouched until the time you need it to pay for your health care. Many health insurance policies charge over $700 for health insurance for the self-employed, so instead of giving that money to the insurance company, you can put that money away to grow interest. The money will be used by you for your health care needs, and for the needs of your family. If you and your family are healthy, you might not have to dip into that money very often, so you could build up a large nest egg. If you never have to use it, it will continue to grow. Creating a health savings account makes more financial sense to a lot of self-employed individuals, because paying money every year for health insurance for the self-empl
Related Questions
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- What are HSA and Archer MSA Savings Accounts and Can they be Beneficial to the Self-employed??
